Fitch Ratings withdraws credit rating of Belarus due to lack of info

Fitch Ratings has withdrawn the ratings of Belarus, including the recent long-term foreign currency default rating "RD" (Restricted Default).

This is explained by the actions of Belarus, which does not provide the necessary data for the rating.

"The lack of sufficient issuer participation in the rating process, as well as the absence of third-party sources to adequately verify key credit factors, including fiscal and debt management policies, limit our ability to verify the actual elements necessary to determine the rating," said Fitch Ratings.

On September 11, international rating agency Standard & Poor's also refused to publish ratings for Belarus due to the lack of information on the state budget and data on the repayment of state debt.

Ratings are necessary for investors to understand the situation in the country and how risky it is to invest in it. Since the Belarusian authorities hide a significant part of statistics on public finances, it is really difficult to make a rating.

In 2022, Fitch Ratings and Standard & Poor's downgraded Belarus' rating to "limited default". This happened after the authorities decided to pay for Eurobonds in Belarusian rubles. The Finance Ministry responded that the agencies were simply biased.