Fitch cuts Belarus development bank

Fitch Ratings said it downgraded JSC Development Bank of the Republic of Belarus' (DBRB) long-term foreign-currency issuer default rating to CCC from B with a negative outlook. Fitch typically does not assign outlooks to banks with a rating of CCC or below. The did assign a ccc government-support rating.

The lower ratings follow the downgrade of Belarus's sovereign rating to CCC on March 07, Fitch said.

“As a state-owned policy bank, DBRB's IDRs and GSRs are driven by potential support from the Republic of Belarus in case of need. The downgrade of DBRB's ratings reflects Belarus's weaker ability to provide support to the bank, as reflected in the sovereign downgrade,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.