Mon, 29 Nov 2021

S&P lowers credit ratings on three Lebanese banks on liquidity pressures

moka news
2019-11-16 | Since 2 Year

A man uses his phone as he walks past the sign of the BLOM BANK in the Lebanese capital Beirut on June 13, 2016. (AFP)

S&P Global Ratings said on Thursday it was lowering the ratings on three Lebanese banks further into junk, citing rising liquidity pressures due to faster deposit erosion.

Long-term credit ratings on Bank Audi, Blom Bank, and Bankmed were lowered to CCC from B-, the ratings agency said, adding the ratings would remain on CreditWatch, making them vulnerable to the risk of further downgrades.

Lebanon’s banks have been hit by liquidity pressure in recent weeks as depositors demand access to their money after banks imposed new curbs in the wake of widespread protests against political leaders.