In our opinion, agriculture-focused, Belarusian state-owned Belagroprombank enjoys a very high likelihood of timely and sufficient extraordinary support from the state. That support partly compensates Belarus' macroeconomic and industry risks and the bank's high dependence on state deposits, lending and funding concentrations, and plans for rapid asset growth during economic recession. Other supports are the bank's strong domestic market position, adequate capitalization, and limited wholesale market funding. We are assigning our 'B+' long-term and 'B' short-term counterparty credit ratings to Belagroprombank, one notch above its stand-alone credit profile. The negative outlook mirrors that on Belarus, and reflects the bank's low levels of external liquidity. On May 28, 2010, Standard&Poor's Ratings Services assigned its 'B+' long-term and 'B' short-term
