Belarusian authorities resentful at Moody’s

The Belarusian bank finds that evaluations of the international agency are nonobjective.

It is said in a statement by Belarusbank relating lowering of the long-term credit ratings of a number of Belarusian banks in foreign and national currencies. The statement was received by charter97.org.

“Moody’s agency does not have access to non-public information, disclosed by OAO ASB Belarusbank to other rating agencies, and does not possess information in its entirety for an objective assessment of the situation of the bank, as back in 2011 the agreement on cooperation between the parties was broken,” the document reads.

At the same time, Belarusbank continues, in the consolidated financial statements of the bank for the year 2014 drawn up in accordance with world standards, rubberstamped by the major international audit company Ernst & Young (EY), earnings growth is observed as compared to 2013 from Br1.0 to 1.3 trillion. Return on equity has increased from 4.34% to 5.28%. As of the end of 2014 earnings growth caused increase of capital adequacy from 15.9 to 16.6%. The current capital adequacy has considerably exceeded the norm set by Basel agreement (8%).

We remind that on April 17 Moody’s Investors Service downgraded credit ratings of Belarusian bonds by one grade, to the level of Caa1/B3. According to forecasts the rating is negative.

On April 22 Moody’s agency downgraded long-term ratings of five Belarusian banks.

On the same day the Finance Ministry of Belarus stated that in the nearest future it is to offer the government cooperation with rating agencies.