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S&P cuts Lebanon’s credit rating by one notch to B-, outlook negative

Published: Updated:

Standard & Poor’s cut the long-term foreign and local currency sovereign credit ratings on the Republic of Lebanon on Friday to ‘B-‘ from ‘B’ and kept them on a negative outlook, citing a steady decline in Lebanon’s macroeconomic fundamentals.

S&P said it could lower the ratings again if the Syrian civil war further undermined Lebanon's debt-serving capacity.

“The Syrian civil war has led to a steady deterioration of Lebanon’s macroeconomic fundamentals, including its fiscal balances and growth prospects,” S&P said.

S&P affirmed Lebanon’s short-term ratings at ‘B’.