Fitch Ratings maintained Lebanon's rating at "RD default" and announced that it would stop issuing ratings to Lebanon because it no longer had sufficient information to issue ratings.
According to Fitch, the confirmation of the long-term foreign currency default rate at the level of "restricted default" reflects that Lebanon is still in default on its long-term foreign currency government bonds, after the state failed to pay the principal of the Eurobonds that matured on March 9, 2020. The confirmation of local currency deposit rates in the event of a "restricted default" also reflects that the government has not resumed paying interest on Bank Lebanon's holdings of securities in its local currency. Local currency debt servicing to private creditors is ongoing, while the authorities have not requested local currency debt restructuring.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
