Standard & Poor’s Global Ratings lowered to 'CCC' from 'B-' its long-term issuer credit ratings on Bank Audi S.A.L., Blom Bank S.A.L., and Bankmed S.A.L, maintaining their CreditWatch negative on the banks.
At the same time, the agency lowered to 'C' the short-term issuer credit ratings on Bank Audi and Bankmed.
S&P explained the measure, saying that Lebanese banks are experiencing rising liquidity pressures.
“We understand that the deposit erosion that started in first-half 2019 has recently intensified. This has happened because of recent political developments, protracted social unrest, prolonged bank shutdowns, and individual banks reportedly placing some restrictions on specific transfers and operations.”
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