S&P Global Ratings said on Friday that it lowered Lebanon’s long-term and short-term foreign and local currency sovereign credit ratings to ‘CCC/C’ from ‘B-/B’, citing rising financial and monetary risks.
The outlook on Lebanon is negative, S&P said, specifying that it reflects the risk to Lebanon’s credit worthiness from rising financial and monetary pressures tied to recent widespread protests and the resignation of the government.
On October 17, dozens of thousands of protesters took to streets in rejection of the government’s tax policy; however, the demonstrations were utilized by certain forces for political aims.
In this context, bandits blocked key highways in various Lebanese cities and towns, hampering the citizens’ daily life activity.
Prime Minister Saad Hariri submitted his government’s resignation to President Michel Aoun on October 29, leaving a political stalemate as parties started mulling a very complicated cabinet creation.
Source: Al-Manar English Website