Lebanon Rating Downgraded on Default Risks

A report by Moody's Investors Service that downgraded the country's long-term investment ratings reflects the urgent need for quickly forming a new government, implementing reforms and reducing budget deficit, Lebanon's finance minister and experts said Tuesday. The statement by Ali Hassan Khalil, in which he assured that Lebanon's financial and monetary conditions are stable and Beirut is capable to paying back its debt, came in a tweet after Moody's downgraded Lebanon's issuer ratings to Caa1 from B3 on Monday, the International New York Times reported on an Associated Press story. The outlook was changed to stable from negative. Lebanon's economy has been under pressure for years from the war in neighboring Syria, a debt of $85 billion equal to 150 percent of its GDP, high unemployment and little growth. Read more