Fitch Ratings has kept Belgazprombank’s ratings unchanged placing them on watch. The action follows the decision of the National Bank of the Republic of Belarus to introduce on 15 June 2020 (for a maximum six months) the temporary administration at Belgazprombank and suspension of powers of the management board of Belgazprombank for the period of the temporary administration.
The ratings of Belgazprombank remain at the highest possible level for issuers from Belarus which is capped by the “B” Country Ceiling:
- Long-term IDR “B”;
- Short-term IDR “B”;
- Support Rating “4”;
- Viability Rating “b”.
The National Bank of the Republic of Belarus has confirmed its readiness to provide liquidity support to Belgazprombank in foreign and national currency in case of need.
The bank’s ratings on watch could be removed if both (i) the period of the temporary administration is short-lived and does not result in significant erosion of the bank’s standalone credit profile; (ii) Belgazprombank’s owners regain control of the bank and retain their commitment to the market and to supporting Belgazprombank, if needed.
For more details please visit Fitch Ratings webpage.