Sovereign risk is D-rated. Lebanon is in default on its Eurobond obligations and most of its other maturing debts, with limited access to external financing. Debt-restructuring talks and economic reform will need to advance to unlock international support, but are currently stalled, with political deadlock hampering progress. EIU expects IMF disbursements under a proposed US$3bn programme to start only in late 2024, but the downside risks are high.