S&P affirms credit ratings of Belarusbank, BelVEB and Belagroprombank at ‘B’, Outlook Negative
<p> MINSK, Dec 9 - PrimePress. S&P Global Ratings has affirmed the long-term and short-term credit ratings of Belarusbank JSC, BelVEB Bank JSC and Belagroprombank JSC at ‘B/B’, removing them from the list for revision with the possibility of downgrading. The outlook for the ratings of all three banks is ‘negative,’ the agency says. </p> <p> </p> <p> S&P Global Ratings explains the rating action, pointing at the alleviated pressure on the financial performance of the banks after the outflow of deposits slowed down. “Nevertheless, we believe that the increased volatility of deposits will continue to put pressure on the financial stability of the banking sector and liquidity,” reads the statement. </p> <p> </p> <p> S&P believes that lasting political instability and economic uncertainty will continue to put pressure on depositors’ confidence and financial stability of the Belarusian banking sector, while liquidity will remain under pressure throughout 2021. </p> <p> </p> <p> As previously reported, in September 2020, S&P downgraded the forecast for long-term sovereign credit ratings of Belarus in foreign and national currencies from ‘stable’ to ‘negative’, affirming them at ‘B.’ The negative outlook reflects growing risks to financial stability of the national banking system, which is mainly controlled by the government. </p> <p> </p> <p> Belarusbank, Belarus’ largest bank, was founded in July 1991, and was transformed in October 1995 through a merger with Sberbank of Belarus. The state holds the 99.95% share in the authorized capital of the bank. </p> <p> </p> <p> BelVEB Bank OJSC was registered by the National Bank of the Republic of Belarus on December 12, 1991. The share of the Russian state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) in the authorized capital of BelVEB Bank OJSC makes up 97.52%; Minsk City Territorial State Property Fund – 2.29%. BelVEB was assigned to the systemic significance Group I. </p> <p> </p> <p> Registered in 1991, Belagroprombank OJSC is the second largest backbone bank of Belarus. The main share (91.34%) in its authorized capital is held by the Republic of Belarus represented by the State Property Committee. End </p> <p> </p>
2020-12-10
Primepress
S&P affirms credit ratings of Belarusbank, BelVEB and Belagroprombank at ‘B’, Outlook Negative
MINSK, Dec 9 - PrimePress. S&P Global Ratings has affirmed the long-term and short-term credit ratings of Belarusbank JSC, BelVEB Bank JSC and Belagroprombank JSC at ‘B/B’, removing them from the list for revision with the possibility of downgrading. The outlook for the ratings of all three banks is ‘negative,’ the agency says.
S&P Global Ratings explains the rating action, pointing at the alleviated pressure on the financial performance of the banks after the outflow of deposits slowed down. “Nevertheless, we believe that the increased volatility of deposits will continue to put pressure on the financial stability of the banking sector and liquidity,” reads the statement.
S&P believes that lasting political instability and economic uncertainty will continue to put pressure on depositors’ confidence and financial stability of the Belarusian banking sector, while liquidity will remain under pressure throughout 2021.
As previously reported, in September 2020, S&P downgraded the forecast for long-term sovereign credit ratings of Belarus in foreign and national currencies from ‘stable’ to ‘negative’, affirming them at ‘B.’ The negative outlook reflects growing risks to financial stability of the national banking system, which is mainly controlled by the government.
Belarusbank, Belarus’ largest bank, was founded in July 1991, and was transformed in October 1995 through a merger with Sberbank of Belarus. The state holds the 99.95% share in the authorized capital of the bank.
BelVEB Bank OJSC was registered by the National Bank of the Republic of Belarus on December 12, 1991. The share of the Russian state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) in the authorized capital of BelVEB Bank OJSC makes up 97.52%; Minsk City Territorial State Property Fund – 2.29%. BelVEB was assigned to the systemic significance Group I.
Registered in 1991, Belagroprombank OJSC is the second largest backbone bank of Belarus. The main share (91.34%) in its authorized capital is held by the Republic of Belarus represented by the State Property Committee. End