Fitch cuts Lebanese banks' ratings

Fitch Ratings said it downgraded Lebanon-based Bank Audi SAL's and Byblos Bank's individual ratings to D from C/D and removed them from Rating Watch negative.

The banks' other ratings are affirmed at issuer default B- with stable outlook, short-term B and support 5.

The agency also affirmed BLOM Bank's support rating at 5. Fitch does not maintain any other ratings on BLOM.

The downgrade reflects the deterioration in the domestic operating environment following the July/August war and the continuing uncertain political and economic outlook, the agency said. While the banking sector has overcome a number of stress tests in the past, current political and economic problems, in Fitch's view, could have a more negative impact on performance.

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