A government-related entity with a "very high" likelihood of extraordinary government support. Strong domestic market position and a large distribution network. Adequate capitalization. Limited dependence on wholesale funding. High industry and economic risks. Reliance on state deposits. Weakly diversified funding base. Low diversity of loan portfolio, which has sizable exposure to the intrinsically cyclical agricultural sector. Rapid-growth strategy, increasing credit risks, and obligation to undertake state-directed lending. A low share of liquid assets. The ratings on Belarus-based Belagroprombank JSC reflect the economic imbalances and high-risk operating environment for banks based in the Republic of Belarus (foreign currency B+/Negative/B; local currency BB/Negative/B), as well as the bank's high dependence on state deposits, limited funding and lending diversification, plans for rapid asset
