LONDON, (AP) – Standard & Poor’s has become the second credit rating agency in as many days to downgrade Libya as the country reels from days of violence, which has reportedly left over 200 people dead.

The agency said Tuesday that it is cutting its rating on Libya to BBB+ from A-, and warned that another downgrade could be in the offing.

S&P said its action reflects a reappraisal of political risks in Libya and that it expects the outbreaks of unrest to persist.

Though the agency said Libya has “significant flexibility” to increase social spending, given that it is running a surplus, it warned the risks to the country’s economic stability will grow if there isn’t a swift resolution to the current crisis.

On Monday, Fitch also cut its rating on Libya.