Moody's cuts Byblos Bank to negative

Moody's Investors Service said it changed to negative from stable the outlooks on the D- standalone bank financial strength rating, Ba3global local-currency deposit ratings and Aa2.lb long-term national-scale rating of Byblos Bank.

The bank's long-term foreign-currency deposit rating was not affected as it remains capped by Lebanon's B1 ceiling for those deposits, the agency said.

The outlook revision reflects the slowdown in the Lebanese economy amidst domestic political uncertainty in H1 2011 and ongoing unrest in neighboring Syria, which has negatively affected domestic credit conditions and could weaken rated banks' asset quality and profitability, the agency added.

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