On Aug. 3, 2022, S&P Global Ratings lowered its long-term foreign currency rating on Belarus to 'SD' (selective default), following the government's inability to fulfill one of its coupon payments. We expect Belagroprombank will continue to service its debt. Therefore, we removed from CreditWatch negative our foreign currency long-term rating on the bank and affirmed it at 'CC', in line with the transfer and convertibility (T&C) assessment on Belarus. At the same time, we removed from CreditWatch negative our foreign currency short-term rating on the bank and affirmed it at 'C'. We also affirmed our local-currency ratings at 'CCC/C', since we consider Belarusian-ruble (BYN)-denominated bank debt to be less vulnerable to nonpayment. The negative outlook indicates that macroeconomic and fiscal
