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FinancialNews


  • 24-08-19

    Lebanese Fitch rating reduced

    (MENAFN) The Lebanese credit rating has been reduced by global Fitch Ratings and kept the same by Standard & Poor.

    Global credit rating agency Fitch Ratings reduced the Lebanese rating to hit CCC compared to the previous B-, while S&P preserved its B- rating.

    Fitch made the downgrade due to Lebanon's slowdown in deposits flows to the banking sector as well as a slowdown in executing a plan for the power sector.

    In a statement, the finance ministry confirmed that "Fitch's report stated that reform measures taken by the government are appreciated but a long-term strategy is needed to control the increase in Lebanon's public debt."

    MENAFN2408201900450000ID1098919906

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