1033 GMT February 23, 2020
An IRNA report on Friday said the last upgrade in Iran's rating goes back to June 2016, when its ranking improved one notch, moving from seven to six.
The important decision comes amid growing concerns over the future of the nuclear agreement signed in 2016 by Iran and the six world powers, mainly due to US President Donald Trump's hostile approach toward the historic deal.
Trump recently threatened to abandon the deal in spring unless it is fixed to his liking. US Secretary of State Rex Tillerson, held talks with Europeans this week to persuade them to join the US in amending the nuclear agreement and imposing new sanctions on Iran.
According to OECD, the country risk classifications are meant to reflect country risk, which is composed of transfer and convertibility risk (the risk that 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 (war, expropriation, revolution, civil disturbance, floods, earthquakes).
Iran's official reserves were projected at $123.5 billion in 2016-17, according to a report released by the International Monetary Fund in February 2017.
The country's total debt to GDP stood at 2.2 percent, which is lower than any other country in the world. Iran also recorded the highest economic growth in the world according to the global lender’s 2016 report — 12.5 percent.
Iran has concluded several foreign finance contracts in the past six months including two agreements worth $25 billion with China Development Bank and CITIC Trust, a no-cap deal with Russia's Exim Bank, a $5-billion deal with Italy's Invitalia Global Investment, a $1-billion deal with Austria's Oberbank, a $500-million deal with Denmark's Danske Bank and two contracts worth $13 billion with South Korea's Exim Bank and K-Sure.