Research Update: Belarus-Based Belvnesheconombank 'B-/C' Ratings Affirmed On Bank Criteria Change; Outlook Negative Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Belarus-based OJSC Belvnesheconombank under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our long- and short-term ratings on Belvnesheconombank at 'B-/C'. The outlook is negative. Our ratings on Belvnesheconombank reflect our 'b-'anchor for a commercial bank operating only in Belarus, the bank's adequate business position, weak capital and earnings, adequate risk position, average funding, and adequate liquidity. Our criteria allow for the issuer credit rating to be three notches higher than the bank's stand-alone credit profile, in recognition of the bank's strategic importance to and expected support from its parent, Russia's Vnesheconombank, but it is capped by the 'B-' foreign currency rating on Belarus. The negative outlook on Belvnesheconombank mirrors...

Companies mentioned in this report are: OJSC Belvnesheconombank,Vnesheconombank,Belarus (Republic of)
Action: Affirmed
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

OJSC Belvnesheconombank,Vnesheconombank,Belarus (Republic of)

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