BEIRUT, Aug. 23 (Xinhua) -- Fitch Ratings, one of credit rating agencies in the world, downgraded Lebanon's rating from B- to CCC, while Standard & Poor's maintained the country's rating at B-, a statement issued by the finance ministry said on Friday.
The statement said that Fitch's downgrade for Lebanon is attributed to the slowdown in the flow of deposits to the Lebanese banking sector and the slow implementation of a strategy that would solve the electricity crisis in Lebanon.
"Fitch's report stated that reform measures taken by the government are appreciated but a long-term strategy is needed to control the increase in Lebanon's public debt," the finance ministry's statement said.
It added that Standard & Poor's maintained the country's ranking because the country has started with structural reforms and it will continue by adopting important measures in the 2020 budget which will gradually reduce the budget deficit to 4.8 percent of GDP in 2020 budget from 7.6 percent of GDP in 2019.
Finance Minister Ali Hassan Khalil announced earlier on Friday that Lebanon's economy will bounce back regardless of its credit ratings by international agencies.
"I assure you that we are not a bankrupt country and we have the ability to overcome any difficulties, whatever the classification," he said.
