VOL. XLI
No. 23
8-June-1998
LEBANON
Fitch IBCA Downgrades Lebanon
The recently merged ratings agency Fitch IBCA said on 4 June that it had lowered itssovereign ceiling on Lebanon's long-term foreign currency deposits to BB- from BB. As aresult the long term ratings on Bank Audi and Byblos Bank, both rated at the ceiling, havealso gone down to BB-, although the banks have now been removed from ratings alert status.
The agency said in a statement that Lebanon's large current account deficits had...
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