International ratings

Assessment of the financial condition of JSC “Development Bank of the Republic of Belarus” is conducted by international rating agencies Standard & Poor's and Fitch Ratings.

Currently the Development Bank is assigned the following credit ratings that fully comply with the sovereign credit rating of the Republic of Belarus:

Long-term foreign and local currency issuer credit rating	SD/CCC*
Short-term foreign and local currency issuer credit rating	SD/C*
Rating outlook	-

Recent rating actions:

Date:	09.12.2022	27.06.2022	13.05.2022	09.03.2022	30.06.2021	18.09.2020	23.06.2020
Ratings:	SD/CCC*	CC/CCC	CC/CCC	CCC/CCC	B/B	B/B	B/B
Action:	downgraded	affirmed	downgraded	downgraded	affirmed	affirmed	affirmed
Outlook:	-	CreditWatch Negative	CreditWatch Negative	CreditWatch Negative	negative	negative	stable

*On September 12, 2023 S&P Global Ratings suspended its credit ratings on the Development Bank following the suspension of their sovereign ratings on the Republic of Belarus

Long-term foreign and local currency issuer default rating	RD/CCC
Short-term foreign and local currency issuer default rating	C
Rating outlook	-

Recent rating actions:

Date:	19.05.2023	05.05.2023	03.03.2023	13.12.2022	18.07.2022	14.03.2022	18.05.2021	17.11.2020	27.05.2020	10.06.2019
Ratings:	RD/CCC	CC/CCC	CC/CCC	CC/CCC	CC/CCC	CCC/CCC	B/B	B/B	B/B	B/B
Action:	downgraded	downgraded	affirmed	affirmed	downgraded	downgraded	affirmed	affirmed	affirmed	affirmed
Outlook:	-	-	-	-	-	CreditWatch Negative	negative	negative	stable	stable

Creditworthiness rating (national rating scale of the Republic of Belarus)	byAAA
Creditworthiness rating (national rating scale of the Russian Federation)	ruA-
Ratings outlook	stable

History of ratings:

Date:	27.03.2023
Ratings:	byAAA/ruA-
Action:	assigned
Outlook:	stable