MINSK, 21 September (BelTA) - S&P Global Ratings revised its outlook on the long-term foreign- and local-currency issuer credit ratings on the Development Bank of the Republic of Belarus (DBRB) to negative from stable. At the same time, the agency affirmed the 'B/B' long- and short-term foreign and local currency issuer credit ratings on DBRB mirroring that on Belarus, BelTA learned from the bank.
The rating agency noted that DBRB's creditworthiness is closely linked to that of the sovereign.
S&P considers that DBRB is key to achieving several of the government's political and social objectives. This should lead the government to prioritize support for DBRB ahead of its other government-related entities. S&P considers DBRB less exposed to the recent developments than commercial banks.
S&P welcomed a new resolution detailing the mechanisms that the Finance Ministry could use to extend financial support to DBRB, if required.
The outlook on DBRB mirrors the outlook on Belarus. S&P said it could revise the outlook to stable if they took a similar action on Belarus.
