We note that Belarussian Belagroprombank strengthened its liquidity profile during first three quarters of 2016, on the back of customer deposit inflows and substantially less reliance on funding support from the National Bank of the Republic of Belarus. The bank's liquidity metrics, including the regulatory liquidity ratios, are now in line with local peers'. We are affirming our 'B-/C' ratings on Belagroprombank. The stable outlook mirrors that on the sovereign since we expect that the bank's low profitability and pressure on capital will be balanced by the government's ongoing financial support over the next 12 months. On Jan. 24, 2017, S&P Global Ratings affirmed its long- and short-term local and foreign counterparty credit ratings on Belarus-based Belagroprombank JSC at 'B-/C'.
