Fitch downgrades Belarus

Fitch Ratings said it downgraded Belarus' long-term foreign-currency issuer default rating to CCC from B. The said it usually does not assign outlooks or apply modifiers to sovereigns with a rating of CCC or below.

“New sanctions and the possibility of additional measures related to Belarus' role in Russia's invasion of Ukraine, combined with close economic and financial links to Russia, create significant risks to macro-financial stability and raise uncertainty over the willingness and ability of Belarus to meet its external obligations. Fitch is uncertain over the willingness of Russia to provide the financial support we consider necessary for Belarus to meet it 2023 eurobond repayment,” the agency said in a press release.

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