BELARUS: Fitch affirmed BELEXIMGARANT rating at 'B', stable outlook

24 March 2020 — Marina MAGNAVAL
The international rating agency Fitch Ratings affirmed the rating of BELEXIMGARANT at 'B' with a stable outlook, BELTA reports with a reference to the agency's press release.

As Fitch Ratings noted, the rating "reflects systemic importance of the company as a national export credit agency and 100% state ownership", the agency wrote.

Among factors that could adversely affect the company's creditworthiness, Fitch underlined the impact of coronavirus pandemic, a significant portfolio of insurance risks of default on credit obligations within the country, reduced motor insurance for travelling abroad under Green Card policies as a result of a decrease in cross-border traffic and the Belarusian ruble drop against dollar and euro.

BELEXIMGARANT is one of major insurers in the country, one of TOP-5 companies in Belarus. BELEXIMGARANT wrote BYN 57.5 million (~EUR 25.4 million) gross premiums at the end of September 2019, for nine months ended. The insurer offers about 60 types of property, personal and liability insurance services.

1 EUR = 2.2651 BYN (as of September 30th, 2019)
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