Fitch affirms Lebanon

Fitch Ratings said it affirmed Lebanon's long-term foreign- and local-currency issuer default ratings at B and short-term foreign-currency issuer default rating at B.

The outlook is stable.

The affirmation of Lebanon's ratings reflect the fact that its substantial foreign exchange reserve buffers, lower debt levels and reduced interest costs, relative to the previous decade, mitigate the downside risks to political stability, growth and public finances in 2011, the agency said.

The already low rating embodies a measure of tolerance for political volatility, the agency added. However, an outbreak of violent conflict resulting from either internal political strife or a spillover of tensions from neighboring Syria could put the rating under negative pressure.

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