S&P improved the outlook for Belarus

Standard & Poor's revised the credit outlook of Belarus to stable from negative on signs the economy is stabilizing and liquidity constrains are easing.

"Foreign currency reserves have strengthened, immediate pressure on the exchange rate has eased, and inflation, although still very high, is decreasing," S&P said in a statement.

The country's ratings were affirmed at "B-minus" for long-and short-term foreign and "C" for local currency sovereign credit.

S&P said short-term external financing constraints have lessened because Russia has injected unds and capital equal to 12 percent of Belarus' 2012 gross domestic product.

"The ratings on Belarus are constrained by political risks, high government financing needs, reliance on external funding, and the government's reluctance to introduce much-needed structural reforms to improve the country's competitiveness and growth prospects," S&P said.