No. 23



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...