Middle East Economic Survey


No 12



Debt Swap In Eurobonds Sustained Lebanons Sovereign Rating, Moodys Reports

The decision by the Lebanese government to swap 83% of its foreign currency bonds maturing over the remainder of 2009 supports its B3 ratings, said Moodys Investors Service on 16 March. The exchange, which had a total face value of $2.3bn for longer-dated foreign currency bonds set to mature in 2012 and 2017, is not classified as a distressed exchange by the...