More misery for Lebanon after Moody’s downgrade
A bleak situation in Lebanese bond markets deteriorated further on Tuesday when Moody’s cut its rating to Caa2 and kept the sovereign on review for further downgrades.
Moody’s said that the downgrade reflects “the increased likelihood of a debt rescheduling or other liability management exercise that may constitute a default”.The downgrade comes after weeks of turbulence in the country's bonds, which have been trading at double digit yields since large scale protests erupted against the ...
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