Moody's might downgrade Belarus

Moody's Investors Service said it placed Belarus' B3 issuer rating and government bond rating on review for downgrade.

The agency said the key drivers of the rating action are increased strain on Belarus' external payments position as well as increased risk of lower economic growth rates and the potential withdrawal of Russian financial support due to deteriorating economic conditions in Russia.

Moody's review will focus on changes in the level of Belarus' foreign exchange reserves going forward and projections of these levels for the next six months to one year, including a study of Belarus' current account dynamics and its ability to attract foreign direct investment and other non-public financing.

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