S&P pulls Belagroprombank from watch

S&P said it removed its foreign-currency long-term credit rating on Belagroprombank from CreditWatch with negative implications, where it was placed on March 1. The agency also affirmed the CC foreign-currency and CCC local-currency long-term ratings on the bank.

S&P dropped Belarus’ long-term foreign-currency rating to SD after it missed a coupon payment. Belarus is the bank’s sold shareholder.

“We understand the bank has not experienced any difficulties in servicing its financial obligations thus far. The bank has 15 outstanding local-currency-denominated bonds totaling BYN 1.7 billion (about $670 million), most of which mature after 2025. Belagroprombank does not have any foreign-currency-denominated debt,” the agency said in a press release.

The outlook on both the local-currency and foreign-currency long-term ratings is negative.

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