Lebanon bonds downgraded to default after missed payments

Washington: Credit ratings agency S&P on Friday downgraded more Lebanese government debt issues after missed payments, citing the country's worsening economic crisis following the devastating explosion in Beirut earlier this month.

S&P Global Ratings maintained the "selective default" or "SD" rating for Lebanon which first defaulted in March, but three more bonds were cut to "D" from "CC," the agency said.

"The recent catastrophic explosion in Beirut is deepening the country's economic crisis," S&P said in a statement. "A protracted political vacuum or weak new government could further delay policy reforms, external aid and debt restructuring negotiations."