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Moody’s Investors Service on Thursday said it could upgrade Lebanon’s credit ratings if the government continues to improve the ability to finance its wide fiscal deficit, while avoiding political instability.

The ratings agency revised to positive from stable the outlook on Lebanon’s B2 credit ratings, saying the decision reflects the continued improvement in the country’s external liquidity and the resilience of its banking system, as well as the formation of a consensus government in November.

“Lebanon’s public finances have proven resistant to serious political and economic shocks in recent years,” Moody’s analyst Tristan Cooper said in a statement.

“This is due to the strengthened resilience of the country’s banking system, which is the government’s primary creditor,” he added.

Before upgrading Lebanon’s ratings to B1, Moody’s wants to see a continuation of these positive trends, especially the strengthening of the government’s ability to finance its fiscal deficit and a further improvement in the country’s debt metrics. Reuters

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