Government ownership resulting in ongoing liquidity, funding, and capital support. Sound market position as the country's second-largest bank. Risky operating environment in Belarus. Extremely high credit risk in the economy, driven by significant reliance on exports to Russia and high dollarization. Moderate liquidity. Profitability pressured by growing credit costs. The stable outlook on Belarussian agro-lender Belagroprombank JSC mirrors that on the sovereign. It reflects S&P Global Ratings' view that the bank's low profitability, weakened capital, and vulnerable liquidity position will be balanced by the government's ongoing financial support over the next 12 months. We could lower the ratings over the next 12 months if we believe that Belagroprombank is vulnerable to nonpayment and depends on favorable business, financial, and economic
