Moody's assigns first time ratings to JSC “JSSB Belarusbank”
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01.11.2007

Moody's assigns first time ratings to JSC “JSSB Belarusbank”

JSC “JSSB Belarusbank” informs that Moody's Investors Service assigned the following global scale ratings to Belarusbank for the first time:

long-term foreign currency deposit rating

В2

short-term foreign currency deposit rating

Not Prime

long-term local currency deposit rating

Ва1

short-term local currency deposit rating

Not Prime

bank financial strength rating

Е+

All of the bank’s ratings carry a stable outlook.

Belarusbank’s B2 long-term foreign currency deposit rating is constrained by the country ceiling for Belarus.

The bank’s Ba1/Not Prime long-term/short-term local currency deposit rating factors in Moody’s assessment of the very high probability of systemic support in the event of a stress situation, given a) the bank’s 77.26% ownership by the Belarus government and b) the bank’s dominant position in the country’s banking system, represented by its 41% share of total assets and 62% share of retail deposits at year-end 2006. As a result, this rating enjoys a three-notch uplift from the bank’s B1 Baseline Credit Assessment.

Belarusbank’s E+ BFSR, which translates to a Baseline Credit Assessment of B1, is underpinned by its dominant market position as the country’s largest bank by assets, capital and retail deposits, as well as its good asset quality and increasing international profile.

JSC “JSSB Belarusbank” has received international credit ratings by Fitch Ratings since 2001. Belarusbank’s second international credit ratings by Moody’s Investors Service would allow foreign investors to receive the detailed information about the bank from different independent internationally acknowledged rating agencies.

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