On May 5, 2022, S&P Global Ratings lowered its long-term foreign currency ratings on Belarus to 'CC', keeping them on CreditWatch with negative implications. Because we generally don't rate banks above the sovereign rating, we lowered our long-term foreign currency rating on Belagroprombank to 'CC' from 'CCC', keeping it on CreditWatch negative. At the same time, we affirmed our local currency ratings at 'CCC/C' and removed them from CreditWatch negative, where we placed them on March 1, 2022. We consider Belarusian ruble-denominated bank debt to be less vulnerable to nonpayment. The negative outlook on the local currency ratings indicates that macroeconomic and fiscal stress may weaken Belagroprombank's ability to stay current on its local currency debt. On May 13, 2022,
