Fitch affirms Iran

Fitch Ratings said it affirmed the Islamic Republic of Iran's long-term foreign- and local-currency issuer default ratings at B+ with stable outlooks. Fitch also affirmed Iran's short-term issuer default rating at B and country ceiling at B+.

"The ratings balance Iran's strengthening external creditor position and comfortable debt service and liquidity ratios against a weakening macro-policy framework, increasing vulnerability to lower oil prices and still high political risk," Richard Fox, head of Middle East and Africa sovereign ratings at Fitch, said in a written statement.

"Iran's ratings are vulnerable to any major weakening of the oil price or material deterioration in relations with the international community," Fox said. "However, the stable rating outlook reflects Fitch's judgment that such deterioration is unlikely for the foreseeable future."

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