Government ownership resulting in ongoing capital, funding, and liquidity support. Sound market position as the country's second-largest bank. Persistently high sovereign risk. Challenging operating environment in Belarus, resulting in volatile earnings. High credit risk, amplified by relatively high concentration and dollarization of loan book. The stable outlook on Belagroprombank reflects S&P Global Ratings' view that the rating will not change materially over the next 12-18 months. We also take into account the stable outlook on Belarus, where Belagroprombank operates. Any positive rating action on Belagroprombank would depend on a positive rating action on the sovereign, as well as an improvement in the bank's own creditworthiness, such as a sizable and persistent increase in capital or sustainable improvement in the bank's
