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S&P affirms Minsk`s long-term rating at «B»

Standard&Poor`s on December 28 affirmed the long-term foreign and local currency issuer credit ratings of the Belarusian capital city of Minsk at `B-` with a negative outlook.

This past September, the international ratings agency downgraded the city’s rating from ‘B’ after lowering Belarus` debt rating to `B/C` from `B/B`.

The ratings on the city of Minsk are constrained by Belarus` volatile and underfunded system of interbudgetary relations, which has led to the city`s very limited budget predictability and flexibility, said S&P in a statement.

Minsk also has large infrastructure needs and high contingent liabilities, the agency said.
It has a consistently very strong operating surplus, moderate debt burden, and consistently high cash reserves, it noted.

As for the negative outlook, S&P said that it reflected that on Belarus. //BelaPAN