Irna News Agency

“OECD has upgraded Iran's rating in the country risk classification from 6 to 5. This reflects the OECD assessment that risk associated with investment by foreign credit and export institutions in Iran has been diminished. OECD upgraded Iran's credit rate from 7 to 6 last year,” Hamid Baeidinejad said in a Twitter message released on Friday.

“In 1997, The Participants to the Arrangement on Officially Supported Export Credits (The Participants to the Arrangement), established a methodology for assessing country credit risk and classifying countries in connection with their agreement on minimum premium fees for official export credits,” according to OECD website.

“The country risk classifications are meant to reflect country risk. Under the Participants’ system, country risk encompasses transfer and convertibility risk (i.e. the risk a government imposes capital or exchange controls that prevent an entity from converting local currency into foreign currency and/or transferring funds to creditors located outside the country) and cases of force majeure (e.g. war, expropriation, revolution, civil disturbance, floods, earthquakes).”