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The international rating agency based in London - Fitch Ratings, lowered the long-term rating of the Republic of Belarus from "CCC" to "C". This brings the country one step closer to bankruptcy. This is stated in a message on the agency's official website.
The downgrade follows the June 29 decision by the Council of Ministers and the National Bank of Belarus that Eurobond payments will be made in Belarusian rubles instead of US dollars.
"This is contrary to the bond contract documents, which do not allow settlements in alternative currencies," the agency stressed.
If Belarusian Eurobond payments are not made by the end of the grace period on July 13, Fitch will consider this a default and downgrade the country's rating to 'RD' (restricted default) and then to 'D' (bankruptcy). This status will be maintained until Belarus normalizes its relations with international creditors, the agency notes.
At the end of last month, Russia defaulted on its foreign currency obligations, the culmination of sanctions imposed by the West on Moscow, which closed the way for payments to foreign creditors.
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