Moody's lowers Lebanon

Moody's Investors Service said it downgraded the government of Lebanon's issuer rating to Ca from Caa2 and changed the outlook to stable. This concludes the review for downgrade that was started in November.

“The Ca rating reflects Moody's expectation that domestic and external private creditors will likely incur substantial losses in what seems to be an all but inevitable near-term government debt restructuring in light of rapidly deteriorating economic and financial conditions that increasingly threaten the sustainability of the government's debt and currency peg,” said the agency in a press release.

Moody’s also lowered Lebanon's long-term foreign-currency bond to Ca from Caa1 and dropped the long-term local-currency bond to Caa1 from B2.

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