Fitch cuts Bank Audi, Byblos Bank to B-

Fitch Ratings said it downgraded Bank Audi SAL’s and Byblos Bank SAL's long-term issuer default ratings to B- from B and viability ratings to b- from b.

The outlooks were revised to stable from negative.

Fitch said the downgrade follows its recent downgrade of the Lebanese sovereign to B-, published on July 14.

The ratings of both Audi and Byblos remain constrained by the sovereign rating, and the outlook on the banks' long-term issuer default ratings mirrors that of the sovereign.

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