CCXI assigns Belarus its maiden rating

Publisher:BELTA Time:2018-09-03

MINSK, 3 September (BelTA) - The Chinese rating agency China Chengxin International Credit Rating Company Limited (CCXI) has assigned Belarus a sovereign credit rating at AA+ in line with the Chinese national rating scale (Outlook stable) and the sovereign rating at BBg according to the international rating scale, BelTA learned from the website of the Belarusian Finance Ministry. 

The agency pointed to the country's economic recovery after two years of recession, the sustainability of public finances thanks to the fiscal consolidation measures. Among other strengths CCXI highlighted the vast manufacturing base of Belarus, diversification of the manufacturing industry, and high living standards. 

The rating may be upgraded on the back of the higher than expected economic growth, diversification of the public debt portfolio and better efficiency of management. The slowdown in the economic growth and structural reforms, a possible increase in the burden on the budget may serve as the reason to downgrade the rating. 

Obtaining the credit rating according to the Chinese national scale is part of the effort to float Belarus' government bonds on the Chinese market. 

The Finance Ministry noted that the CCXI ratings will serve as additional independent evaluation of the creditworthiness of Belarus for the foreign investment community.