Government-controlled Belarusbank, the largest Belarusian bank, announced Wednesday that it had decided to suspend cooperation with Moody`s Investors Service.
In a statement, the bank’s press office put down the decision to "the current volatility in international capital markets (caused by the debt problems of the USA and member countries of the EU) and a decline in the activity of foreign investors."
Earlier this year, Moody`s downgraded to B3 from B2 the long-term foreign currency deposit ratings of six Belarusian banks, including Belarusbank, assigning a negative outlook to them.
Belarusbank’s press office said that the bank still continued cooperation with Fitch Ratings and Standard&Poor’s, which allowed it to "remain an active player in international capital markets." The current credit rating assigned to the bank by Fitch Ratings and Standard&Poor’s is B/B with a negative outlook. Belzneshekanombank, Belahraprambank, Belinvestbank and the finance ministry also cooperate with the two agencies.
Belarusbank began cooperation with Moody`s Investors Service in 2007.
Downgrades in the credit ratings of the Belarusian banks earlier this year reflect concern about the country`s currency crisis and the economic and political effects of its tightening external liquidity.