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15 Jan 2020

RAEX-Europe confirms credit ratings of Belarus at ‘В’

RAEX-Europe confirms credit ratings of Belarus at ‘В’

MINSK, 15 January (BelTA) – The RAEX-Europe agency confirmed the credit ratings of the Republic of Belarus at ‘В’ with a positive outlook, BelTA has learned.

“These are supported by improved macroeconomic stability, as evidenced by the success in containing inflation, reduced volatility of the exchange rate as a result of the introduction of the floating exchange rate regime and strengthened international reserves. In addition, we observe prudent fiscal policy and reduced government indebtedness,” the agency said.

“Nonetheless, economic growth is slowing down with weak medium-term prospects amid the uncertainty about the compensation of losses caused by the Russian tax maneuver. The consequences of higher oil import costs will also weigh negatively on the government budget and balance of payments. The rating continues to be constrained by a weak local financial market, which, along with still high dollarization levels, limits the monetary transmission mechanism,” the agency noted.

RAEX-Europe keeps a positive outlook on the ratings, reflecting the high probability of an upgrade, while maintaining macroeconomic stability, continued decline in dollarization, and the absence of shocks to the budget and external position in case of changes in the character of the current economic ties with Russia.

Rating-Agentur Expert RA GmbH (RAEX-Europe) is a European credit rating agency affiliated with International Group RAEX. 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).

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