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BRIEF-S&P Places Iraq Ratings On Creditwatch Negative Due To Regional Conflict-Related Cuts In Oil Production

BY Reuters | CORPORATE | 05:10 PM EDT

March 17 (Reuters) - S&P:

* S&P: IRAQ RATINGS PLACED ON CREDITWATCH NEGATIVE DUE TO REGIONAL CONFLICT-RELATED CUTS IN OIL PRODUCTION

* S&P: CREDITWATCH NEGATIVE REFLECTS RISK OF DOWNGRADE FOR IRAQ DUE TO SHARP FALL IN OIL PRODUCTION TIED TO INCREASED ESCALATION OF MIDDLE EAST CONFLICT

* S&P: PROLONGED DISRUPTION TO IRAQ'S OIL PRODUCTION WILL PRESSURE THE COUNTRY'S FISCAL AND EXTERNAL POSITION OVER 2026

* S&P:INCREASED INTENSITY OF CONFLICT IN MIDDLE EAST HAS RAISED RISK OF MORE PROLONGED PERIOD OF VOLATILITY & DISRUPTION TO IRAQI OIL PRODUCTION LEVELS

* S&P: ASSUME IRAQ GOVERNMENT WILL DRAW DOWN ON ITS SIZABLE EXTERNAL BUFFERS TO MEET FOREIGN DEBT REPAYMENTS

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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