WASHINGTON: Credit ratings agency S&P downgraded more Lebanese government debt issues after missed payments, citing the country鈥檚 worsening economic crisis following the devastating explosion in Beirut earlier this month.

S&P Global Ratings maintained the 鈥渟elective default鈥� or 鈥淪D鈥� rating for Lebanon鈥檚 foreign debt, after the country first defaulted in March, but three more bonds were cut to 鈥淒鈥� from 鈥淐C,鈥� the agency said.

鈥淭he recent catastrophic explosion in Beirut is deepening the country鈥檚 economic crisis,鈥� S&P said in a statement. 鈥淎 protracted political vacuum or weak new government could further delay policy reforms, external aid and debt restructuring negotiations.鈥�

The capital was ravaged by a massive explosion at Beirut鈥檚 port on Aug. 4 that killed 181 people and wounded thousands. That was followed by protests against the government, leading the Cabinet to resign.

Still reeling from the deadly blast, the country also entered into a new coronavirus lockdown Friday after a string of record daily infections tallies.

鈥淓ven before these recent events, Lebanon had made limited progress in engaging creditors on debt restructuring negotiations,鈥� S&P said.

The IMF has been working with the government to try to reach an agreement on a new aid program that could undergird a debt restructuring and unlock billions more in aid.

Lebanon鈥檚 government says it needs $20 billion in external funding, which includes $11 billion pledged by donors in 2018.

However, this 鈥渞emains elusive as the key Lebanese political institutions and players are unable to agree on the causes and scope of the country鈥檚 crisis,鈥� the agency said.

鈥淲ithout a strong commitment to implement structural economic, fiscal and monetary reforms, and absent a policy anchor provided by an IMF program, we expect restructuring negotiations will be drawn out beyond 2020.鈥�