The ratings agency said the support rating Floors for both banks are affirmed at 'CCC'.

Fitch also affirmed BLOM Bank's (BLOM), another Lebanese bank, support rating at '5', and added it does not maintain any other ratings, apart from Support, on BLOM.

Fitch said the ratings reflect, and are constrained by, the ongoing weaknesses of the Lebanese operating environment and the banks' substantial, albeit declining, exposure to the sovereign.

The individual ratings reflect the risk of a continuation, or even an escalation, of the current political tensions around the nomination of a new president and consequent effects on depositor confidence and asset quality, Fitch added.

They also reflect the banks' strong franchises, competent management, and resilient profitability in spite of ongoing economic and political instability.