S&P rates Lebanon notes B-

Standard & Poor's said it assigned its B- foreign currency senior unsecured debt rating to the Republic of Lebanon's new notes, issued in two tranches due 2008 and 2013, under the sovereign's global MTN program.

The agency said the issues are intended to secure the Treasury's foreign financing needs and to lengthen the maturity of Lebanon's outstanding debt in the international capital markets.

At the same time, S&P said it affirmed the B- long-term and C short-term foreign and local currency sovereign credit ratings.

The outlook is stable.

The ratings reflect the government's weak fiscal position and the vulnerability of the country's economy to adverse domestic and external shocks, the agency said, noting, however, strong capital flows from Arab countries and growth in economic activity centered on .confidence-sensitive tourism and financial services sectors.

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