| 05 Aug 2008 |
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Republic of Lebanon FC/LC Ratings Raised To 'B-' As Political Tensions Ease; Outlook Stable
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LONDON (Standard & Poor's) Aug. 5, 2008--Standard & Poor's Ratings Services today said it had raised its long-term sovereign credit ratings on the Republic of Lebanon to 'B-' from 'CCC+'. The outlook remains stable. The short-term ratings were affirmed at 'C' and the transfer and convertibility assessment was affirmed at 'B+'.
"The ratings on Lebanon were raised to reflect the easing of tensions between the March 14th coalition, which dominated the government, and the opposition that in May had taken Lebanon to the brink of civil conflict," Standard & Poor's credit analyst Ben Faulks said. "The Doha accord, which has delivered the election of a president and the formation of a national unity cabinet, augurs well for Lebanon's immediate political stability. This reduces the risk that depositors will withdraw funds from the Lebanese banking sector, which in turn lessens the government's near-term financing risks as banks are by far the government's largest creditors."
The stable outlook balances Lebanon's political and fiscal pressures against the country's economic resilience and the likelihood of third-party support. The ratings will be lowered should political tensions escalate to the extent that they seem likely to shake the long-documented resilience of depositors in the Lebanese banking sector. The ratings could be raised if the political compact strengthens to the point where the government begins to make progress in advancing the program of economic reforms pledged at the Paris III conference.
Ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. It can also be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4017.
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
Press Office Contacts:
London Media Hotline:
+44 20 7176 3605
Paris: +33 1 44 20 6740
Frankfurt: +49 69 33999 225
Milan: +39 02 72 111 245
Moscow: +7 495 783 4003
Stockholm: +46 8 440 5914
Analyst Contacts:
Ben Faulks, London
Farouk Soussa,
PhD., London
Sovereign Ratings
© Press Release 2008
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