After Fitch Ratings Company downgraded Lebanon’s sovereign from B- to CCC grade, the agency also downgraded the rating of two Lebanese banks.
In a recent report, Fitch downgraded Bank Audi's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-'.
Coupled with substantial exposure to Banque Du Liban, Audi also lacks domestic lending opportunities amid weak economic growth, Fitch noted.
The agency also downgraded Byblos Bank to CCC.
For more details, watch the full report in the video above