Following a review of Belarus-based Belagroprombank JSC under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'B-/C' ratings on Belagroprombank. The outlook is negative. Our ratings on Belagroprombank reflect our 'b-' anchor for a commercial bank operating only in Belarus, as well as the bank's adequate business position, moderate capital and earnings, adequate risk position, average funding, and adequate liquidity. The negative outlook on Belagroprombank mirrors that on Belarus and also reflects our view of a material possibility that the credit quality of both the sovereign and Belagroprombank will deteriorate over the next 12 months. As previously announced on Dec. 16, 2011, Standard&Poor's Ratings Services affirmed its 'B-/C' long- and short-term
