Fitch Ratings affirms Belarus Issuer Default Rating at “B” with a Stable Outlook

On May 15, 2020 Fitch Ratings affirmed Belarus's Long-Term Foreign- and Local-Currency Issuer Default Ratings at “B”, Stable Outlook. The rating of Belarus’ Eurobonds is also affirmed at “В”.

Rating reflects improved macroeconomic stability, high income per capita, prudent fiscal policy and a clean debt repayment record. Herewith the Agency noted weak growth prospects, high exposure of government debt to foreign currency risks, low foreign exchange reserves, weak banking sector.

Meanwhile in the Agency’s opinion Belarus’s improved policy mix will preserve macroeconomic stability and manage debt refinancing risks in spite of the significant impact of the COVID-19 pandemic.