Fitch Ratings on Feb. 1 upgraded the long-term issuer default ratings of six Belarus-based banks to B from B-, with a stable outlook, following a similar action on the sovereign.
The rating agency upgraded OAO Belarusbank's and Belarusian Bank for Development & Reconstruction Belinvestbank JSC's long-term foreign-currency issuer default ratings, and upgraded the long-term foreign- and local-currency issuer default ratings for JSC Development Bank of the Republic of Belarus, Central Bank of the Russian Federation unit OJSC BPS-Sberbank, OJSC Belgazprombank and OJSC Belvnesheconombank, or Bank BelVEB.
The agency also upgraded its support ratings to 4 from 5 and affirmed their short-term foreign-currency issuer default ratings at B.
The "b-" viability ratings of the five banks, excluding Development Bank of the Republic of Belarus, were not affected. The support rating floors of Development Bank of the Republic of Belarus, Belarusbank and Belinvestbank were revised to B from B-.
The upgrade of Belarusbank's, Belinvestbank's and Development Bank of the Republic of Belarus' ratings indicates the likelihood of support for these banks from Belarusian authorities in case of need. The upgrade of the other three banks reflects the upgrade of the sovereign's country ceiling.
