Belarus Highlights

•  in August 2007, Standard & Poor's Ratings Services assigned the Republic of Belarus the following ratings: “B+” long-term foreign currency and “BB” long-term local currency sovereign credit ratings. At the same time, “B” short-term sovereign credit rating was assigned;

•  at the same time Moody's Investors Service assigned Belarus “Ba2” rating for the foreign currency country ceiling and issuer ratings of “B1” for foreign and local currency debt obligations of the government of Belarus. All ratings carry stable outlook ;

•  high development level;

•  very low levels of domestic and external indebtedness in both public and private sectors;

•  substantial industrial capital stock and a highly educated workforce;

•  centralized nature of the political system;

•  low general government debt (5.4% of GDP);

•  relatively strong external balance sheet (narrow net external debt at 8.4% of current account receipts).

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