The ratings on Belarus-based Belagroprombank JSC reflect Standard&Poor's Ratings Services' view of the high economic imbalances and the high-risk operating environment in the Republic of Belarus (foreign currency B/Watch Neg/B; local currency B/Watch Neg/B). The ratings also reflect our view of the bank's high credit risks, accentuated by a large share of lending under special government programs, increased liquidity risk, and weakened profitability. These negative factors are partly mitigated by Belagroprombank's status as a government-related entity (GRE), and our view of a "very high" likelihood of extraordinary government support for the bank. In addition, the bank has the second largest domestic franchise in Belarus and strong capitalization. With Belarusian ruble (BYR) 39.6 trillion (about $7.9 billion) in total
