Moody’s revises Belarus to stable

Moody's Investors Service said it changed the outlook on the Government of Belarus' government bond rating to stable from negative and affirmed the Caa1 issuer and senior unsecured ratings.

Moody’s said the key drivers of the outlook change are: (a) Improved external liquidity due to increased external support, narrower current account deficits and a more flexible exchange rate regime; and (b) initiation of fiscal and structural reforms that meet creditor conditions and should support the medium term fiscal and economic outlook.

The affirmation of the Caa1 rating reflects continued economic challenges, a still weak external payments position, and contingent liability risk from Belarus's large state-owned sector.

The following country ceilings for Belarus are unchanged: B3 local-currency country risk ceiling; B3 local-currency deposit ceiling; Caa1/NP foreign-currency bond ceiling; and Caa2/NP foreign-currency deposit ceiling.

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