Агентство Moody’s присвоило рейтинг B1 дебютному выпуску облигаций Беларуси

Франкфурт, 28 июля 2010 г. – Международное рейтинговое агентство Moody's Investors Service присвоило рейтинг B1 новому пятилетнему выпуску облигаций Республики Беларусь на общую сумму 600 млн долларов США.    Данный выпуск является первым выпуском облигаций Беларуси на международных рынках капитала.

Ниже приводится полный текст пресс-релиза на английском языке.

Moody's assigns B1 rating to Belarus' inaugural bond issue

Frankfurt, July 28, 2010 -- Moody's Investors Service has assigned a B1 rating to the new 5-year 8.75% US$600 million bond issue of the Republic of Belarus. The bond is the country's first issuance in the global capital markets and comes just a few months after the government concluded its 15-month Stand-by Agreement with the IMF in April.

Moody's rating takes into account the following factors:
1) the stabilization of the public finances in the context of the IMF program, despite relatively weak economic resiliency;
2) some improvements in building institutional capacity, although from a relatively low base;
3) external vulnerabilities, as signified by a persistently high current account deficit.

RATING RATIONALE

"Belarus' low economic resiliency is reflected in its high GDP volatility, a function of its concentrated and energy-intensive economy," says Dietmar Hornung, Vice President-Senior Credit Officer and lead analyst for Belarus. That said, the government's timely decision to seek financial assistance and economic policy advice from the IMF averted a more difficult situation in 2009, allowing the public finances to stabilize. Economic activity is now recovering.

In Moody's view, Belarus has made some improvement in building institutional capacity. Some of the recent regulatory reforms that the government has implemented have borne fruit. The World Bank's "Doing Business 2010" report moved Belarus up from 85th position in 2009 to 58th this year in terms of the ease of doing business in the country. Still, the government exerts a tight grip on economic decisions and seems not inclined to endorse market mechanisms on a broad basis.
Mr. Hornung points out that Belarus' external vulnerabilities remain an important rating constraint. Although economic growth slowed sharply last year, the country's current account deficit expanded to double-digit levels given unfavorable terms of trade. Russia's imposition of a 30% export duty on crude oil transshipped through Belarus is putting additional pressure on the external financing situation.

PREVIOUS RATING ACTION & METHODOLOGY
The previous rating action on Belarus was implemented on 22 August 2007,when Moody's assigned its initial issuer ratings of B1 for both foreign and local currency debt, a Ba2 country ceiling for foreign currency debt, a B2 foreign currency bank deposit ceiling and Baa3 country ceilings for local currency debt and bank deposits.

The principal methodology used in rating the government of Belarus is "Moody's Sovereign Bond Methodology", which was published in 2008 and can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

New York
Kristin Lindow
Senior Vice President
Sovereign Risk Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Frankfurt
Dietmar Hornung
VP - Senior Credit Officer
Sovereign Risk Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454


Copyright 2010 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S ("MIS") CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT.  CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. 

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable.  Because of the possibility of human or mechanical error as well as other  factors, however, all information contained herein is provided "AS IS" without  warranty of any kind. Under no circumstances shall MOODY'S have any liability to  any person or entity for (a) any loss or damage in whole or in part caused by,  resulting from, or relating to, any error (negligent or otherwise) or other  circumstance or contingency within or outside the control of MOODY'S or any of  its directors, officers, employees or agents in connection with the procurement,  collection, compilation, analysis, interpretation, communication, publication or  delivery of any such information, or (b) any direct, indirect, special,  consequential, compensatory or incidental damages whatsoever (including without  limitation, lost profits), even if MOODY'S is advised in advance of the  possibility of such damages, resulting from the use of or inability to use, any  such information. The ratings, financial reporting analysis, projections, and  other observations, if any, constituting part of the information contained  herein are, and must be construed solely as, statements of opinion and not  statements of fact or recommendations to purchase, sell or hold any securities.  Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,  MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR  OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER  WHATSOEVER. 

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes.  Information regarding certain affiliations that may exist between directors of  MCO and rated entities, and between entities who hold ratings from MIS and have  also publicly reported to the SEC an ownership interest in MCO of more than 5%,  is posted annually at www.moodys.com under the heading "Shareholder Relations -  Corporate Governance - Director and Shareholder Affiliation Policy."

Any publication into Australia of this Document is by Moody’s affiliate Moody’s Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to wholesale clients (within the meaning of section 761G of the Corporations Act 2001). By continuing to access this Document from within Australia, you represent to Moody’s and its affiliates that you are, or are accessing the Document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this Document or its contents to retail clients (within the meaning of section 761G of the Corporations Act 2001)