Government ownership, resulting in ongoing capital, funding, and liquidity support. Sound market position as the country's second-largest bank. Persistently high sovereign risk. Challenging operating environment in Belarus, resulting in volatile earnings. Significant deposit outflows in 2020, similar to those observed in Belarus' banking system, and increased deposit volatility. S&P Global Ratings' negative outlook on Belagroprombank reflects that on Belarus (B/Negative/B), along with the increased pressure on Belarusian banks' asset quality, funding, and liquidity profiles over the next 12 months. A negative rating action on Belarus would trigger a similar action on the bank. We could also take a negative rating action if we observed that the bank's credit fundamentals had deteriorated significantly. This could happen if, for example, at least
