Business news

MINSK, 17 March (BelTA) - Moody's Investors Service upgraded the Government of Belarus' issuer and senior unsecured ratings to B3 from Caa1 on 16 March, BelTA learned from the press service of the Finance Ministry of Belarus.

The outlook remains stable. The upgrade of Belarus' ratings to B3 was driven primarily by the country's strengthening external liquidity position and the narrowing of the current account deficit.

Moody's raised Belarus' long-term country ceilings to B3 from Caa1 for foreign currency bonds; to Caa1 from Caa2 for foreign currency bank deposits; and to B2 from B3 for local currency bonds and bank deposits.