Fitch downgrades Eurotorg

Fitch Ratings said it downgraded Eurotorg's long-term foreign-currency issuer default rating to B- from B and placed it on rating watch negative.

“The rating action follows the downgrade of Belarus's country ceiling to B-, which constrains Eurotorg's rating. Relative resilience of the food retail sector to economic crises could mean some insulation to external shocks and to the risk of the government defaulting on its obligations, which supports the LTFC IDR at one notch above that of the sovereign,” Fitch said in a press release.

The negative watch indicates the uncertainty of operations and funding for Belorussian corporates, the agency said.

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