Standard and Poor Revises Lebanon’s Status

 

The International credit rating agency, Standard and Poor, (S&P), has revised the status of Lebanon to stable from positive.

The B/B long-and short-term sovereign credit ratings were affirmed. Also unchanged was the transfer and convertibility (T&C) assessment at ‘BB-‘. The recovery rating of ‘4’ remained unchanged as well.

 The revision came as a result of the state of political uncertainty that engulfs the country.

 “…the political impasse caused by Hezbollah and its March 8 coalition allies’ withdrawal from the unity government will be difficult to overcome, and the incumbent administration, which is to be a caretaker government, will struggle to govern,” said S&P in describing the rationale behind its decision.