S&P cuts Lebanon's credit rating to "CCC+"
NEW YORK, Jan 31 (Reuters) - Standard & Poor's cut its long-term sovereign foreign currency credit rating on Lebanon by one notch to "CCC+" from "B-", citing an increase in political instability and the likelihood it will be protracted.
"The ratings on Lebanon were lowered as a result of the political impasse that has raised tensions within Lebanon, and for which no easy resolution appears in sight," sovereign credit analyst Ben Faulks said in a statement.
The credit, which is in the highly speculative range and now seven notches below investment grade, was given a stable outlook.
S&P's rating is now one notch below the "B-" rating given by Fitch Ratings and the "B3" rating from Moody's Investors Service. (Reporting by Daniel Bases; Editing by Theodore d'Afflisio)
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