Fitch Ratings downgrades Lebanon, S&P affirms credit ratings

Fitch Ratings has downgraded Lebanon’s long-term foreign currency issuer default rating to CCC from B-.

The international rating agency’s downgrade of Lebanon is another blow to the struggling economy of the small Arab country that is suffering from one of the world’s highest debt ratios, high unemployment and little growth.

Fitch’s rating change Friday came minutes before Standard & Poor’s Global Ratings affirmed its long- and short-term foreign and local currency sovereign credit ratings for Lebanon at B-/B, saying the country’s outlook remains negative.

In February, Moody’s downgraded Lebanon’s issuer ratings to Caa1 from B3 while changing the outlook to stable from negative.