In a report issued by Fitch Ratings on Tuesday, the company said that it has revised the Outlooks on Lebanon's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at 'B-'.
“The revision of the Outlook reflects a further deterioration in government deficits and debt dynamics and signs of rising pressures on Lebanon's financing model, including a decline in deposit growth, and increasing reliance on unorthodox measures by the central bank in response to these pressures,” the report explained.
For more details, watch the full report in the video above