Fitch Ratings warns of elections’ impact on Lebanese economy

By BASSEM MROUE
Associated Press

BEIRUT (AP) — A leading international credit ratings agency has warned that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms. The Lebanese pound briefly hit new lows against the dollar shortly after Friday’s warning from Fitch Ratings, causing chaos in markets around the country. Lebanon is in the grips of the worst economic and financial crisis in its modern history. The crisis is rooted in decades of corruption and mismanagement by the political elites who have dominated the country.