Business news

MINSK, 31 July (BelTA) – Fitch Ratings has revised the Outlook on Belarus' Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at 'B-', BelTA has learned.

The Short-Term Foreign- and Local-Currency IDRs were affirmed at 'B', and the Country Ceiling at 'B-'.

The issue ratings on Belarus' senior unsecured foreign-currency bonds have also been affirmed at 'B-'.

Improved access to external financing and increased international reserves were named as positive factors by the agency. Gross international reserves have increased by $1.6 billion to $6.5 billion in H1 2017, boosted by eurobond floating, another tranche of the Eurasian Fund for Stabilization and Development (EFSD) loan and FX purchases from residents. Fitch also marked as positive Belarus’ agreement with Russia on gas prices.

Fitch Ratings Inc., an American Corporation, makes part of the big three international rating agencies, along with Standard & Poor's and Moody's.