S&P cuts four Belarus banks

Standard & Poor's said it lowered the long- and short-term counterparty credit ratings on four Belarusian banks to B-/C from B/B.

The banks are JSC Savings Bank Belarusbank, OJSC Belvnesheconombank, JSC BPS-Bank and Belagroprombank JSC.

The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in June.

The outlook is negative.

The actions follow a similar rating action on the Republic of Belarus, S&P said.

The downgrade of the four banks reflects a view that there is a risk that the sovereign's creditworthiness may deteriorate, the agency said.

The current situation in Belarus may have a negative impact on these banks because of their high operational, funding and asset exposures to the predominantly state-owned Belarusian economy, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.