Government ownership resulting in ongoing liquidity, funding, and capital support. Better solvency levels than peers. Risky operating environment in Belarus. Extremely high credit risk in the economy, driven by high dollarization and a low level of wealth. Moderate liquidity resulting from currency mismatches. Profitability pressured by very low margins and earnings volatility. Standard&Poor's Ratings Services' Outlook on Belarus-based Belagroprombank JSC is stable. It reflects our view that the government will continue to provide ongoing liquidity and capital support over the next 12 months sufficient to stabilize the bank's current financial profile. Over the next 12 months, we could lower the ratings if the bank's liquidity position continues to deteriorate or if we see lower-than-expected capitalization or higher-than-expected problematic
