Moody’s downgraded to Ba3 from Ba2 the long-term global local currency (GLC) deposit ratings of Bank Audi, BLOM Bank and Byblos Bank.

The agency said that the downgrade was prompted by the reassessment of the Lebanese government's ability to provide support to its banking system.

It said that the financial strength ratings (BFSRs) of the three institutions are unaffected by this action.

Moody’s also upgraded to positive from stable the outlook on foreign currency deposit ratings of Bank Audi, BLOM Bank, Byblos Bank and Bank of Beirut (BOB).

Moody’s also changed to positive from stable the outlook on Byblos Bank's senior unsecured debt rating.