Fitch lowers Iran to B+

Fitch Ratings said it downgraded the Islamic Republic of Iran's foreign currency and local currency issuer default ratings and the country ceiling to B+ from BB-.

Following the downgrade, the outlooks are now stable.

The downgrade reflects the escalating confrontation between Iran and the international community over Iran's nuclear program. Although material sanctions are still some way off, the risk is increasing and events are becoming increasingly unpredictable, the agency said.

Nevertheless, the stable outlook acknowledges that Iran's external financial position remains strong, Fitch said.

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