RAEX-Europe confirmed Belarus’ sovereign government rating at ‘B-‘ and upgraded the credit climate rating to ‘CCC+’, reads the press release of the agency.
“The upgrade of the country credit environment (CCE) ratings of Belarus was driven by the positive dynamics of the real interest rate, the recovery of the national economy after two years of recession as well as the government’s newly introduced programs to support new businesses,” the agency said.
However, the sovereign government credit (SGC) ratings remained unchanged due to the elevated debt metrics, risks of potential materialization of contingent liabilities, persistent banking sector risks and, despite positive dynamics, continued high levels of dollarization along with a vulnerable external position.
“However, the high debt levels are partially mitigated due to the new debt refinancing agreement with the Russian government and a positive debt structure. In addition, the fiscal balance has been positive and we expect it to remain at a surplus in the mid-term perspective,” the agency informed. Rating-Agentur Expert RA GmbH (RAEX-Europe) is an independent European rating agency affiliated with the international group «RAEX». The agency is operating since 2013 and its office is located in Frankfurt am Main (Germany). In 2015 the agency was accredited with The European Securities and Markets Authority (ESMA) and received an official status of the External Credit Assessment Institution (ECAI).
