RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 31, 2025 No. 407

About use of credit ratings of foreign (international) rating agencies in activities of National Bank

Based on the paragraph of the fourth Item 12 of the Charter of the National Bank of the Republic of Belarus approved by the Presidential decree of the Republic of Belarus of June 13, 2001 No. 320, Board of National Bank of the Republic of Belarus DECIDES:

1. Determine that decisions on use in normative legal or local legal acts of National Bank as criterion for evaluation of the partner (issuer) and (or) his financial instruments of the credit scores assigned by foreign (international) rating agencies (further - IRA), are accepted taking into account the following recognition criteria of IRA (further - recognition criteria):

1.1. in country of incorporation of IRA the legislation providing the legal regulation of activities of rating agencies corresponding to the international approaches and the principles is effective and also the body exercising regulation and (or) control (supervision) in the field of activities of rating agencies is determined and its powers are established;

1.2. IRA performs activities based on the legislation of the country of its registration containing the requirement about independence of process of implementation of rating actions by it from state bodies, officials of state bodies, the state organizations or political parties, and also subjects to rating, partners (issuers) and (or) their financial instruments which are subject to rating, and persons affiliated with them;

1.3. IRA performs rating activities on regular basis at least five years, the amount of the credit scores assigned for the last 3 years makes at least 50, quantity of the subjects to rating having the operating credit rating - at least 30;

1.4. the credit scores assigned to IRA are applied by the Central (national) Bank and (or) other public authorities of country of incorporation of IRA within regulation and (or) implementation of other activities;

1.5. the applied IRA of methodology of assignment of credit ratings (further - methodologies):

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