S&P upgrades Belagroprombank to ‘B'

Photo: www.belta.by

S&P Global Ratings raised its long-term issuer credit rating on Belagroprombank to “B”, BelTA learned from the Belarusian bank.

“The international credit rating agency Standard & Poor's upgraded its long-term issuer credit rating on Belagroprombank to “B” and affirmed the 'B' short-term issuer credit rating. S&P's outlook on the bank is stable,” Belagroprombank noted.

According to the bank's representatives, the upgrade is due to the policy adopted by its top management to improve Belagroprombank's financial reliability and efficiency, optimize business processes, and strengthen the market positions. “Our new strategy is aimed at reaching the leading positions in Belarus' regions in financial assistance to the population and SMEs in addition to the high efficiency of our own operation,” the bank said.

S&P evaluates Belagropormbank's business position as stable, which “reflects the status of a large creditor of companies specializing in strategic economic sectors. S&P experts expressed confidence that “the bank will demonstrate a stable quality of assets”.

Belagroprombank is among the leaders in Belarus' banking systems in terms of the charter capital, the volume of assets and deposits. The upgraded rating will provide the bank with more comfortable conditions to raise finances, including on foreign debt capital markets.