Fitch revises Belarus to positive

Fitch Ratings said it revised the outlook on Belarus' long-term foreign- and local-currency issuer default ratings to positive from stable and affirmed the ratings at B-.

The issue ratings on Belarus' senior unsecured foreign-currency bonds were also affirmed at B-. The country ceiling was affirmed at B- and the short-term foreign- and local-currency issuer default ratings at B.

Fitch said improved access to external financing and increased international reserves have reduced financing risks for 2017 and 2018. Gross international reserves have increased by $1.7 billion to $6.6 billion in 1H17 boosted by external disbursements and FX purchases from residents.

The net reserve position improved and remains slightly positive.

However, the agency estimates that liquid assets as a share of short-term liabilities (at 49% in 2018) remains the lowest in the B category.

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