BEIRUT - Lebanon came in position 113 among the 177 countries in terms of credit rating, according to Institutional Investor magazine.

In its six-month report, the magazine affirms that the Cedar Land is ahead of Cape Verde, Granada, and Tanzania, but remains after Surinam, Uganda, and New-Guinea.

The study published in Lebanon This week issued weekly by Byblos Bank concludes that Lebanon is now in the 16th position in the Near East and the MENA region.

Therefore, it is ahead of Yemen, Mauritania, Iraq, and Soudan, but after Syria, Iran, Jordan, Lybia, Egypt, Algeria, Morocco, Tunisia, Bahrain, Israel, Oman, Saudi Arabia, Kuwait, Qatar, and United Arab Emirates. 

On the international scale, Lebanon is two places ahead since March 2008 and eight places ahead since September.

According to the Fitch rating agency, the credit rating in Lebanon is supported by the Lebanese diaspora due to important fund transfers to Lebanon and to banks in particular.