S&P upgrades DBRB

S&P said it raised the long-term foreign and local currency issuer credit ratings on the Development Bank of the Republic of Belarus (DBRB) to B from B-.

At the same time, the agency affirmed the B short-term foreign and local currency issuer credit ratings.

The outlook is stable.

S&P said the upgrade follows the Oct. 6 upgrade of the long-term sovereign credit ratings on Belarus to B. “We equalize our ratings on DBRB with those on Belarus because in our view, there is an almost certain likelihood that Belarus' government would provide DBRB with timely and extraordinary support, sufficient to service the bank's financial obligations, if needed,” the agency said in a news release.

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