Fitch Downgrades Lebanon Credit Rating to CC

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International ratings agency Fitch on Thursday bumped Lebanon’s credit rating down to “CC” from “CCC”, after an initial downgrade in August.

“The downgrade of Lebanon’s ratings reflects Fitch’s view that a government debt restructuring or default is probable owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector,” it said.

SourceNaharnet

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