S&P cuts two Belarus banks

Standard & Poor's said it lowered the long-term counterparty ratings on Belagroprombank JSC and JSC BPS-Bank to B from B+.

The agency also said it affirmed its B short-term counterparty credit ratings.

The outlook remains negative.

The downgrade follows a similar downgrade to Belarus, S&P said, and reflects the deterioration risks in the sovereign's creditworthiness.

The banks could be negatively affected by this deterioration due to their high operational, funding and asset exposures to the predominantly state-owned Belarusian economy, the agency said.

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