Fitch withdraws Belarus' credit ratings

By Ovunc Kutlu

ISTANBUL (AA) - Fitch Ratings announced Friday it has withdrawn Belarus' credit ratings, including its long-term foreign currency issuer default rating.

"The withdrawal of Belarus's ratings is due to lack of sufficient participation in the rating process from the issuer," the global rating agency said in a statement.

"Therefore, Fitch no longer has sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings (or analytical coverage) for Belarus," it added.

Fitch affirmed Belarus' rating at restricted default on April 14. It said the decision "reflects the ongoing payment of US dollar Eurobond obligations in local currency, in contravention of bond documentation that does not allow for settlement in alternative currencies."

The agency said the country's economy contracted 4.7% in 2022 due to Western sanctions, while it expects GDP to fall 1.3% in 2023 and 0.3% in 2024 because of weak investment and further sanctions.