- CAIRO: International ratings agency Standard & Poor’s has downgraded Libya’s sovereign rating to junk status and suspended its ratings for the country.
S &P said it had lowered its long- and short-term sovereign credit ratings on the North African nation to BB/B from BBB+/A-2. It also removed the ratings from CreditWatch negative.
But the agency also said it decided to suspend its ratings on Libya “due to the imposition of sanctions and because of a lack of reliable economic and political information.”
Forces loyal to Libyan leader Muammar Qaddafi have been battling rebels for weeks in the most violent of the anti-regime protest movements to have hit the Arab world.
