The ratings on Belarus-based Belagroprombank JSC reflect the economic imbalances and high-risk operating environment for banks based in the Republic of Belarus (foreign currency B+/Negative/B; local currency BB/Negative/B), as well as the bank's high dependence on state deposits, limited funding and lending diversification, plans for rapid asset growth during an economic recession, and low share of liquid assets. These negative factors are partly mitigated by Standard&Poor's Ratings Services' view that there is a "very high" likelihood that Belarus would provide timely and sufficient extraordinary support to Belagroprombank in the event of financial distress. Further positive factors are what we regard as Belagroprombank's strong domestic market position, adequate capitalization, and limited wholesale funding. With Belarusian ruble 19.3 trillion (about
