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Rating Action:

Moody's revises outlooks to stable on four Belarus banks; affirms ratings

22 Jun 2016

London, 22 June 2016 -- Moody's Investors Service has today taken rating actions on four Belarusian banks, following its affirmation of Belarus' Caa1 government bond ratings and changing the outlook on the sovereign ratings to stable from negative on 17 June 2016. For additional information, please refer to the related announcement: "Moody's changes outlook on Belarus's Caa1 government bond rating to stable from negative; affirms Caa1 rating".

Moody's has changed to stable from negative the outlooks assigned to the long-term ratings of the following four lenders: Belarusbank (Caa1/Caa2, caa1), Belagroprombank JSC(Caa1/Caa2, caa1), BPS-Sberbank (B3/Caa2, caa1) and Belinvestbank (Caa1/Caa2, caa1). Concurrently, the long-term ratings and baseline credit assessments (BCAs) of these institutions were also affirmed. A full list of today's actions is provided at the end of this press release.

RATINGS RATIONALE

Moody's decision to change the outlook on the banks' ratings to stable from negative was driven by the stabilisation of the sovereign credit profile, as is now reflected in the stable outlook assigned to the Caa1 sovereign ratings of Belarus, as well as by the upgrade of the Belarus banking system's Macro Profile to "Very Weak" from "Very Weak-".

The positive change in Belarus' Macro Profile was driven by improvements in Belarus' economic strength and reduction in its external vulnerability. Prudent macroeconomic management and some progress with structural reforms have already led to a fall in inflation that should support the medium-term fiscal and economic outlook. This results in a more stable and predictable operating environment for Belarusian banks.

In addition, although economic conditions and access to funding remain challenging factors for Belarusian banks, some factors which previously weighed on the Macro Profile have lessened: notably, there has been a decrease in government-directed lending and Moody's expects a shift towards a more competitive industry environment. Together these developments drove a one-notch upgrade of Moody's Macro Profile for Belarus, which is now "Very Weak" instead of "Very Weak-".

Moody's has affirmed banks' caa1 BCAs, at the same level as the rating on Belarus itself, because of the continued very high interlinkages between the banks and the sovereign; in particular, the banks have very high direct exposure to government debt.

This improving environment and the stable outlook on the sovereign rating have led Moody's to affirm the ratings on the banks' long-term local- and foreign currency deposit ratings and to revise to stable from negative the outlook on these ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

Substantial improvements in Belarus' sovereign credit profile -- if supported by improvements in the standalone creditworthiness of these four Belarusian banks -- could lead to upgrades in their BCAs which would likely lead to higher long-term deposit ratings.

In turn, the banks could be downgraded following a deterioration in the creditworthiness of Belarus. Downgrades could also be triggered by a deterioration of the banks' solvency metrics, e.g. weaker asset quality, lower capital adequacy and/or loss-making performance.

LIST OF AFFECTED RATINGS

The following rating actions were taken:

Affirmations:

..Issuer: Belarusbank

-Baseline Credit Assessment and Adjusted Baseline Credit Assessment were affirmed at caa1;

- LT Bank Deposits (Domestic) ratings were affirmed at Caa1, outlook was revised to stable from negative;

- LT Bank Deposits (Foreign) ratings were affirmed at Caa2, outlook was revised to stable from negative;

- ST Bank Deposits (Domestic and Foreign) ratings were affirmed at NP

..Issuer: Belagroprombank JSC

- Baseline Credit Assessment and Adjusted Baseline Credit Assessment were affirmed at caa1;

- LT Bank Deposits (Domestic) ratings were affirmed at Caa1, outlook was revised to stable from negative;

- LT Bank Deposits (Foreign) ratings were affirmed at Caa2, outlook was revised to stable from negative;

- ST Bank Deposits (Domestic and Foreign) ratings were affirmed at NP

- LT Counterparty Risk Assessment was affirmed at B3(cr) ;

- ST Counterparty Risk Assessment was affirmed at NP(cr).

.. Issuer: BPS-Sberbank

- Baseline Credit Assessment and Adjusted Baseline Credit Assessment were affirmed at caa1 and b3;

- LT Bank Deposits (Domestic) ratings were affirmed at B3, outlook was revised to stable from negative;

- LT Bank Deposits (Foreign) ratings were affirmed at Caa2, outlook was revised to stable from negative;

- ST Bank Deposits (Domestic and Foreign) ratings were affirmed at NP

.. Issuer: Belinvestbank

- Baseline Credit Assessment and Adjusted Baseline Credit Assessment were affirmed at caa1;

- LT Bank Deposits (Domestic) ratings were affirmed at Caa1, outlook was revised to stable from negative;

- LT Bank Deposits (Foreign) ratings were affirmed at Caa2, outlook was revised to stable from negative;

- ST Bank Deposits (Domestic and Foreign) ratings were affirmed at NP

- LT Counterparty Risk Assessment was affirmed at B3(cr) ;

- ST Counterparty Risk Assessment was affirmed at NP(cr).

Outlook Actions:

..Issuer: Belarusbank

....Outlook, Changed To Stable From Negative

..Issuer: Belagroprombank JSC

....Outlook, Changed To Stable From Negative

..Issuer: BPS-Sberbank

....Outlook, Changed To Stable From Negative

..Issuer: Belinvestbank

....Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these was Banks published in January 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This rating was not initiated or not maintained at the request of the rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. On this basis, the rated entity or its agent(s) is considered to be a non-participating entity. The rated entity or its agent(s) generally does not provide Moody's with information for the purposes of its ratings process.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alexander Proklov
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Nicholas Hill
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's revises outlooks to stable on four Belarus banks; affirms ratings
No Related Data.
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