Fitch lowers Bank Audi, Bylbos views to negative

Fitch Ratings said it revised the outlooks on Bank Audi SAL and Byblos Bank SAL to negative from stable and affirmed their long-term issuer default ratings at B-.

The outlook revision follows a similar revision on the outlook of the Lebanese sovereign, Fitch explained.

The ratings are driven by the banks' intrinsic strength as expressed by their viability ratings, the agency said.

The ratings are capped by the sovereign B- rating, Fitch added, because of the banks' substantial exposure to the sovereign and Banque du Liban, the central bank of Lebanon.

The ratings also consider the difficult operating environment, which is unavoidable due to the lack of domestic lending opportunities and weak economic growth, Fitch said.

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