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Fitch cuts Belarus development bank
Fitch Ratings said it downgraded the Development Bank of the Republic of Belarus's long-term foreign-currency issuer default rating to C from CC but affirmed the bank's long-term local-currency IDR at CCC.
The downgrade follows the bank's announcement to bondholders that coupon payments on the bank's dollar-denominated Eurobond due on May 2 and Nov. 2 will be deferred until May 2, 2024, the maturity date on the Eurobond, the agency said.
If the payment on the May 2023 coupon is not made to investors within the 14-day grace period, Fitch said it will consider it a restricted default and downgrade the foreign-currency IDR to RD.
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