Casting a shadow over Hariri’s efforts to aid the ailing economy, Japan’s Rating and Investment Information R&I reported this week that it has placed its “BB+” long-term foreign currency debt rating for Lebanon on the Rating Monitor for a possible downgrade, while maintaining the country’s “a-3”short-term foreign currency debt rating.
R&I declared that its alert came as a result of the country’s failure to cease the expansion in the fiscal deficit and public-sector debt along with the decline of its foreign exchange reserves. The agency said that it would renew its rating after confirming whether Hariri’s administration will implement concrete plans for improving the fiscal and international balances. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
