Mar 17 2011 |
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Lebanon continues to improve in terms of creditworthiness
17 March 2011
BEIRUT: In its semiannual survey on the creditworthiness of 178 countries, Institutional Investor magazine ranked Lebanon in the 105th place worldwide and 14th among 20 countries in the Middle East and North Africa region in the March 2011 survey.
The country’s creditworthiness ranking improved from the previous survey conducted six months ago, as its global ranking progressed by seven notches and its regional ranking went up by one spot. The report was carried by Bank Audi Lebanon Weekly Monitor.
“This is probably due to the fact that Lebanon has stood resilient to the current political crises taking place in the Middle East and its creditworthiness is largely backed by the country’s banking sector, which continues to stand resilient, weathering off any ensuing negative repercussions,” the report said.
The global rankings of most MENA countries fell significantly in March 2011 relative to September 2010, in line with the deterioration in political conditions. Lebanon was among the very few MENA countries that witnessed a ranking upgrade in the past six months. Specifically, Lebanon saw the second highest increase in its global creditworthiness ranking, following Syria (up 15 notches).
However, the increase in Lebanon’s score was higher than the 0.3 point increase in the global average, and compares well to the decline of 0.4 points in the average score of the MENA region. Lebanon also witnessed the third highest annual score increase among its MENA peers, following the UAE (up 4.3 points) and Jordan (up 1.8 points).
According to Institutional Investor, the magazine did not incorporate the full impact of the political turmoil in the region in this survey, as the outcome of demonstrations is yet to be seen. As such, the 0.4 point decline in the MENA score undermines the severity of the events in the region. The study noted that half of the respondents in the region anticipate negative economic repercussions in the short- to medium-term, while the rest have neutral or positive expectations. Globally, the modest score increase largely reflects gains in developed nations. However, growing debts cloud the long-term outlook. – The Daily Star
© Copyright The Daily Star 2011.
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