Ratings Upgrades Back BMI SRR Views

Lebanon continues to look very stable financially, and the recent upgrades from Fitch (both the sovereign and the major banks) and Moody's (just the sovereign) reflect our own positive view. Indeed, Lebanon recently graduated from the E- category of our proprietary Sovereign Risk Ratings (in which it has languished since we first launched the ratings in 2007. Furthermore, because the global recession has resulted in a downturn in the creditworthiness of many sovereigns (both in the emerging and developed market category), Lebanon has actually catapulted itself upwards in the rankings too: Ukraine and Vietnam are two examples of formerly high-scoring

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