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Latest News

S&P follows Fitch with cut of Libyan credit rating

S&P said it would decide on another downgrade within three months.

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February 22, 2011 2:10 by



Standard & Poor’s cut its credit rating of Libya by one notch to BBB+ on Tuesday and said it may lower it further as it expects violence and revolt to persist. “We expect that the violent outbreaks of civil unrest seen in Libya’s eastern region, and particularly the city of Benghazi, of the past few days will persist,” S&P said in a statement.

Fitch cut its credit rating of Libya by one notch to BBB on Monday and said it too may reduce it further, particularly if oil production in the country was disrupted.

Libyan leader Muammar Gaddafi vowed defiance in the face of a mounting revolt against his 41-year rule on Tuesday, making a fleeting television appearance to scorn protesters and deny he had fled the country.

S&P said it would decide on another downgrade within three months.

“A rapid resolution of domestic unrest, with limited economic impact, could lead us to affirm the current ratings,” it said.

“However, a more protracted political crisis, which we consider likely to greatly impair Libya’s medium-term growth prospects, could lead us to lower the long- and short-term ratings further.”

(Writing by Mike Peacock; editing by Patrick Graham)



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