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

  • ID: 2034119
  • December 2011
  • Standard & Poors


  • Bank BelVEB OJSC
  • Belarus (Republic of)
  • Vnesheconombank
  • MORE

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:
- Bank BelVEB OJSC
- Vnesheconombank
- Belarus (Republic of)

Action: Affirmed
Action: Outlook: Negative

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- Bank BelVEB OJSC
- Vnesheconombank
- Belarus (Republic of)

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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