Moody's cuts Belarus banks to B1

Moody's Investors Service said it downgraded the long-term global local-currency deposit ratings of four Belarus banks, including Belarusbank to B1 from Ba1, Belagroprombank to B1 from Ba1, Belpromstroibank to B1 from Ba1 and Belinvestbank to B1 from Ba2.

The agency also said it has affirmed all of the banks' other ratings including their E+ bank financial strength ratings, but has lowered the baseline credit assessment of Belarusbank to B2 from B1. The other banks' baseline credit ratings remain unchanged.

The outlook is stable, in line with the stable outlook on Belarus's sovereign rating.

These actions conclude a review that began in May, Moody's said, and was focused on Belarus's ability to provide support to its banking system.

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