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S&P affirms Belarus’ ratings at 'B'

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MINSK, 6 April (BelTA) - S&P Global Ratings affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings on Belarus. The outlook remains stable, BelTA learned from the Finance Ministry.

S&P’s analysts said that their ratings on Belarus are still supported by what they view as improved macroeconomic policymaking in recent years. Belarus has remained committed to a largely floating currency and has pursued a tighter fiscal policy, while also accumulating additional foreign exchange reserves. This should allow the government to meet upcoming debt repayments over the next 12 months.

“The agency expects Belarus' economy will contract by 2% in real terms this year as the external trade and financing conditions have deteriorated substantially due to the coronavirus pandemic,” the Finance Ministry said.

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