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Standard & Poor's Downgrades Belarus Credit Rating

People queue for a chance to buy foreign currency outside an exchange office in Minsk.
Standard & Poor's Ratings Services has lowered Belarus's debt rating to 'B/C' from 'B/B' with a negative outlook.

The downgrade is being seen as leaving Belarus one step closer to default.

Standard & Poor's released a statement that said "the downgrade reflects our concerns over Belarus's ongoing dependence on external funding" and "we remain highly uncertain as to Belarus's ability to secure such funding."

compiled from agency reports