We believe that Belagroprombank's capitalization will be moderate over the next 12-18 months, pressured by continued loan growth and weak profitability, and only partially supported by a capital increase from the Belarusian government. We, however, believe that Belagroprombank is not currently vulnerable to nonpayment and does not depend on favorable business, financial, and economic conditions to meet its financial commitments. Consequently, the bank does not meet the definition of a 'CCC+' rating under our criteria. We are therefore affirming our 'B-/C' ratings on Belagroprombank. The stable outlook mirrors that on the government. It reflects our view that the government will continue to provide ongoing liquidity and capital support over the next 12-18 months. On March 4, 2016, Standard&Poor's
