Belagroprombank's asset quality metrics have improved following a balance-sheet cleanup--both through transferring nonperforming loans to the Belarus government's Agency of Asset Management and swapping these loans for central and local government bonds. We think the currently strengthened capital, further supported by the government's injections, will be ratings neutral in the next 12-18 months, because the bank targets resuming loan portfolio growth and gradually changing the current asset structure to increase the share of loans and decrease the proportion of securities. We are therefore affirming our 'B-' long-term and 'B' short-term ratings on Belagroprombank. The stable outlook reflects our view that the bank's creditworthiness will likely remain unchanged over the next 12-18 months. On Jan. 22, 2018, S&P Global Ratings affirmed
