S&P lowers Belarus development bank

S&P said it downgraded the fully state-owned Development Bank of the Republic of Belarus’ foreign-currency sovereign ratings to CC from CCC and kept it on CreditWatch with negative implications.

Concurrently, the agency removed the bank’s CCC local-currency rating from CreditWatch negative and affirmed it. The outlook on the local-currency rating is negative.

The downgrade follows a similar action on Belarus’ foreign-currency sovereign rating to CC from CCC and kept it on negative watch, the agency said.

“We consider that the fully state-owned Development Bank of the Republic of Belarus (DBRB) plays a critical role for the government of Belarus and has an integral link with it. We therefore equalize our ratings on DBRB with those on Belarus,” S&P said in a press release.

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