Fitch ups Byblos, Audi banks

Fitch Ratings said it upgraded Byblos Bank SAL's and Bank Audi SAL's long-term issuer default ratings to B from B-. Byblos' short-term foreign-currency issuer default rating was affirmed at B and Audi's short-term foreign- currency issuer default rating at B.

The outlook is stable.

The upgrades follow an upgrade on Lebanon's long-term local- and foreign-currency issuer default ratings to B from B- with stable outlook.

The banks' outlooks are closely related to and constrained by those of the sovereign given that about half of the banks' balance sheets remain invested in government debt, the agency said.

Lebanon's banking system is one of the country's main strengths, Fitch said.

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