Close Menu
    Facebook X (Twitter) Instagram
    Tuesday, May 13, 2025
    961
    Instagram Facebook LinkedIn TikTok
    • Breaking News
    • Guides
    • Food & Drink
    • Listicles
    • Join the Team
    • Whatsapp
      • 961
      • 961 News
    • AUB Outdoors ☀️
    Advertise with Us Get the App
    961
    Home»Magazine»Ranked
    3 Mins Read

    Lebanese Banks Demoted by S&P Global Ratings

    By Jasmin Lilian DiabDecember 30, 2019Updated:May 22, 2020
    Facebook WhatsApp Copy Link

    Standard & Poor Global Inc. (S&P Global) is an American publicly traded corporation headquartered in Manhattan, New York City. Its primary areas of business are financial information and analytics.

    It is the parent company of S&P Global Ratings, S&P Global Market Intelligence, and S&P Global Platts, and is the majority owner of the S&P Dow Jones Indices joint venture.

    S&P Global Ratings provides independent investment research, including ratings on various investment instruments.

    S&P Global Ratings has recently lowered its long-term issuer credit ratings on major Lebanese lenders – Bank Audi, Blom Bank, and Bankmed – to SD or Selective Default status. What does it mean?

    View this post on Instagram

    A post shared by S&P Global (@sp_global)

    S&P typically assigns the SD rating when it believes that the bank has “selectively defaulted” on a specific issue or class of obligations “but will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.”

    According to Al-Jazeera reports, S&P’s official statement read: “We lowered our ratings to SD because, in our opinion, private individuals’ lack of access to their bank deposits on time and in full, different remuneration from the original contractual terms, and constraints to their ability to transfer funds abroad constitute a risk for depositors of losing the benefit of their agreements and therefore a selective default.”

    REUTERS/Mohamed Azakir

    The rating demotion comes after Lebanon central bank Banque du Liban (BDL) released an official document requesting banks to pay half of the interest due to customers’ US dollar in Lebanese pounds.

    “This is contrary to the terms of the original contractual agreements,” S&P Global said in its statement issued on December 18, 2019.

    Lebanon has been crippled by an economic and political crisis as nationwide anti-government protests, which began on October 17, continue to demand the removal of sectarian political factions, as well as the country’s ruling elite.

    View this post on Instagram

    A post shared by مجموعة شباب المصرف (@msmasref)

    Capital control has been imposed on the people, while billions of dollars were reportedly transferred from Lebanon by a number of politicians within days, and the banks are holding onto the people’s money, imposing very strict withdrawal limits, which is against the law. 

    According to an official statement issued on December 18 by caretaker Minister of Health Jamil Jabak, a number of banks in Lebanon are even refusing to provide medical suppliers with the U.S. dollars needed to import medical supplies from abroad.

    The economic oppression on the people has reached such a critical level that reactions have become inevitable. Anti-bank demonstrations are increasing across Lebanon.

     A small group of protesters had to even force a bank recently to give them back their money. 

    View this post on Instagram

    A post shared by Mahdi Achour (@mahdi.achourr)

    The people of the revolution just took it even to the next level, launching a counter financial campaign against the government and its institutions, and the banks.

    This civic disobedience encompasses withholding from settling electricity bills, water bills, municipal taxes, any and all fines, and loans to the banks.

    View this post on Instagram

    A post shared by Smuki👾 (@nasser.b_kachlan)

    Share. Facebook Twitter LinkedIn WhatsApp Reddit Email

    For You

    Fattoush

    Lebanon’s Fattoush Ranked One of the Best Salads in the World (Again!)

    mea

    MEA Just Ranked 3rd In The World For Best In-Flight Food

    Lebanese Toum

    Lebanese Garlic Just Ranked The Best In The World

    Kempinski Was Just Ranked The Best Resort In Lebanon

    Fattoush & Tabbouleh Just Ranked Among The Best Salads Worldwide

    Billionaires

    6 Lebanese Were Just Ranked Among Forbes Billionaires

    saint levant aub outdoors 2025 961

    Saint Levant Is Officially Headlining AUB Outdoors 2025!

    visa whish money partnership

    Visa and Whish Money Just Partnered To Push Digital Payments in Lebanon and Abroad

    May 6, 2025

    20 Celebrities You Probably Didn’t Know Had Lebanese Roots

    April 22, 2019
    nada koussa miss world miss lebanon 961

    Nada Koussa Just Left To Represent Lebanon At Miss World

    May 7, 2025

    Lebanon’s Shawarma Is Going Viral in The Philippines

    April 21, 2019
    dew apparel nada koussa miss lebanon 961

    Miss Lebanon Nada Koussa Just Launched A Sportswear Brand

    May 3, 2025
    arabic words

    30 Beautiful Arabic Words You Probably Want To Learn

    April 22, 2020
    Lebanese boutiques

    25 Boutiques In Lebanon To Find Your Dream Evening Dress This Wedding Season

    June 9, 2024

    20 Typical Lebanese Slang Expressions

    April 21, 2020
    Lebanon Making Videos 961

    You Can Now Get Paid To Go Around Lebanon Making Videos

    January 23, 2025
    961 Logo
    Facebook WhatsApp TikTok Instagram

    Popular Topics

    • Guides
    • Eat & Drink
    • Listicles
    • Lebanon News
    • Diaspora
    • Explained

    961

    • About
    • WhatsApp Channel
    • News WhatsApp Channel
    • Corrections Policy
    • Ownership & Funding

    Services

    • Advertise
    • Careers
    • App Waitlist
    • Contact Us
    • Newsletter
    961™ | All Rights Reserved ©2025
    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Okay