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REPORT: Standard & Poor's downgrades three Lebanese banks

News Bulletin Reports

07-11-2013 | 13:05

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REPORT: Standard & Poor's downgrades three Lebanese banks

Standard & Poor's Ratings Services has lowered to 'B-' from 'B' its long-term counterparty credit ratings on three Lebanese banks, Bank Audi SAL–Audi Saradar Group, BankMed s.a.l., and Blom Bank sal, following a similar rating action on Lebanon.

The outlooks on all three banks remain negative. At the same time, it lowered to 'C' from 'B' the short-term counterparty credit ratings on Bank Audi and BankMed.

The downgrade was caused by three major factors, the banks’ exposure to the Lebanese debts, the deteriorating situation in the Middle East, which is affecting Lebanon’s finances due to the large influx of the Syrian refugees destabilizing the country’s demographic balance, and the banks’ exposure to the credit debts of the private sector in several countries.

To watch Bassam Abou Zeid's report, please click on the video above

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