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Fitch revises outlook on 6 Belarus banks to positive

Fitch Ratings on July 31 revised its outlook on six Belarusian banks' long-term issuer default ratings.

The outlooks on the B- long-term issuer default ratings of OAO Belarusbank, Belarusian Bank for Development & Reconstruction Belinvestbank JSC, JSC Development Bank of the Republic of Belarus, OJSC Belgazprombank, OJSC BPS-Sberbank and OJSC Belvnesheconombank, or Bank BelVEB, were revised to positive from stable, and the ratings were affirmed at B-.

The actions follow Fitch's revision of the outlook on Belarus' long-term foreign- and local-currency issuer default ratings to positive from stable.

The outlook revisions on Belarusbank, Belinvestbank and the Development Bank of the Republic of Belarus, all state-owned, reflect the improvement in Belarusian authorities' ability to support the entities, given the outlook revision on the sovereign.

The revision of the outlooks on BPS-Sberbank, Bank BelVEB and Belgazprombank reflect the likelihood of their being upgraded following a sovereign upgrade and a revision in Belarus' country ceiling to B from B-.

BPS-Sberbank and Bank VelVEB are majority-owned by PAO Sberbank of Russia and Vnesheconombank, respectively, while Belgazprombank is jointly owned by PJSC Gazprom and AO Gazprombank.