The very difficult operating environment in Belarus weakened Belagroprombank's liquidity position in the first quarter of 2015. We anticipate that the bank will remain highly dependent on liquidity support from the government in the next 12 months. Therefore, we are revising the bank's stand-alone credit profile to 'b-' from 'b'. The rating is no longer capped by the sovereign rating. At the same time, we are affirming our long- and short-term counterparty credit ratings on the bank at 'B-/C'. The outlook is stable, reflecting our view that the government will continue to provide ongoing liquidity and capital support to Belagroprombank. On July 27, 2015, Standard&Poor's Ratings Services affirmed its 'B-/C' long- and short-term counterparty credit ratings on Belarus-based
