Fitch Ratings has pushed Libya's credit rating on government bonds deeper into junk status, citing the North African nation's political instability and the near halt in its vital oil sector.

The ratings agency, in a statement Wednesday, also said it withdrew all the ratings because there was insufficient information to maintain coverage.

Fitch said Libya's long term and foreign currency issue default ratings were lowered to B from BB/RWN while the country ceiling rating was also cut to B from BB.

Libya has seen its ratings take several beatings since mass protests that erupted against the regime about two months ago turned violent. The Tripoli government is under international sanctions and NATO is flying missions to protect civilians in the rebel-held east.