S&P Global Ratings maintained the “selective default” or “SD” rating for Lebanon’s foreign debt, after the country 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.

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