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Standard & Poor's confirms Lebanon's credit rating
02/09/2017
International Standard & Poor's (S & P) on Friday maintained Lebanon's credit rating at B- / B with a stable outlook.
Standard & Poor's predicted that the burden of public debt would overshadow the Lebanese government and remain very high until 2020.
The agency followed Fitch, which also maintained earlier today, Lebanon's sovereign rating at B- with a stable outlook, a week after Moody's downgraded the country amid fears of a sharp rise in debt to GDP Total.
Fitch said its rating was due to severe fiscal weakness and high political risk, but also taking into account Lebanon's large foreign reserves and strong banking system.
Lebanon is seeking to reform its fragile economy after the election of Lebanese President Michel Aoun last year and the formation of a new government, which led to steps to promote stability and support the economy, including legislation to allow the development of oil and gas.
Last month, the government decided to raise public sector wages and raise taxes to cover costs, prompting Moody's to downgrade Lebanon's B3 credit rating .
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