S&P lowers Lebanon

S&P said it downgraded Lebanon’s foreign-currency rating to selective default from CC after the government failed to make its payment on a $1.2 billion eurobond that matured on Monday. Authorities also said they are suspending coupon and principal payments on all eurobonds until a comprehensive debt restructuring agreement can be reached with creditors.

The agency affirmed Lebanon’s local-currency rating. The outlook is negative.

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