Standard & Poor’s Global Ratings (S&P), the international rating agency, lowered Lebanon’s long-term & short-term foreign currency (FC) ratings from “CC” and “C” respectively to “SD” (Selective Default).
Moody’s Investors Service, the international rating agency, downgraded on February 25, 2020 the long-term local currency deposit rating of three Lebanese banks, namely Bank Audi, BLOM Bank, and Byblos Bank, from “Caa2” to “Caa3”, and changed their outlook from “under review for downgrade” to “negative”.
Fitch Ratings, the international rating agency, has affirmed and withdrawn on January 29, 2020 the long-term and short-term Issuer Default Rating (IDR) of two Lebanese banks, namely Bank Audi and Byblos Bank, at Restricted Default “RD”, in addition to the banks’ viability rating (VR) at “f”, and their support rating & support rating floor at “5” and “No Floor”.
Bank of Beirut published its unaudited financial statements this week conveying a 5.32% annual drop in net after tax profit to $118.02 million in the first nine months of the year 2019, down from $124.64 million during that same period in 2018.
BLC Bank<em> </em>published its unaudited financial statements, reporting some 46.61% annual drop in net after tax profit to $15.45 million in the first nine months of 2019, down from $28.94 million during that same period in 2018.
Banque BEMO published its unaudited financial statements, conveying a 0.73% annual drop in net after tax profits to $13.23 million during the first nine months of the current year, down from $13.33 million during that same period last year.
