A government-related entity with a "very high" likelihood of extraordinary government support. Second largest banking franchise in Belarus. High economic risks and risky operating environment for banks in Belarus. High credit risks in light of the turbulent environment. Weakened profitability and moderate capitalization. The stable outlook on Belagroprombank JSC mirrors that on Belarus, which reflects Standard&Poor's Ratings Services' view of easing of the sovereign's tight external liquidity. Stabilization of the sovereign's creditworthiness should help stabilize operating conditions for banks in Belarus, including Belagroprombank. Further rating actions on the bank would likely result from changes to the foreign currency sovereign credit ratings on Belarus or our transfer and convertibility (T&C) assessment of Belarus (for an explanation of our T&C
