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.