RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of March 20, 2026 No. 75

About change of resolutions of Board of National Bank of the Republic of Belarus of August 12, 2019 No. 324 and of August 12, 2019 No. 325

Based on paragraphs of the fourth, seventh, eighth, tenth or twelfth 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, of part one of article 39 of the Bank code of the Republic of Belarus Board of National Bank of the Republic of Belarus DECIDES:

1. Make changes to the following resolutions of Board of National Bank of the Republic of Belarus:

1.1. in the Instruction about methodology of rating agency, and also the reporting and other information in the field of implementation of the rating activities approved by the resolution of Board of National Bank of the Republic of Belarus of August 12, 2019 No. 324:

1.1.1. in Item 2:

in part one:

after paragraph one to add part with the paragraph of the following content:

"the time horizon of credit rating – the period during which, according to rating agency, expressed in the level of credit rating, the capability and readiness of the receiver of credit rating to fulfill the assumed financial liabilities remains and (or) the credit risk of its separate financial instruments is urgent;";

part the sixth after the words "not requested credit rating"," to add with the words "not requested non-public credit rating",";

1.1.2. add the Instruction with Item 2-1 of the following content:

"2-1. The rating agency represents to National Bank methodology according to Item 7 of this Instruction, the letters specified in Items 13-1 and 13-2 of this Instruction and also the reporting and other information specified in part two of Item 15 of this Instruction through system of interdepartmental electronic document management of state bodies (further – SMDO).

In case of impossibility of transfer through SMDO of methodology, letters and (or) the reporting and other information specified in part one of this Item, the rating agency submits the specified documents to National Bank on paper (the courier (courier), by means of mail service) according to terms, stipulated in Item 7, Items 13-1 and 13-2, part three of Item 18 and parts two and third Item 19 of this Instruction.";

1.1.3. state item 4 in the following edition:

"4. The methodology contains:

4.1. the list of subjects to rating, concerning which:

the methodology is applied;

the methodology is not applied (if necessary);

4.2. factors:

the quantitative and high-quality, determining solvency of object ratings – the receiver of credit rating, its financial stability, capability and readiness to perform, including in the future, the assumed financial liabilities and (or) reliability emitted (issued) it financial instruments;

connected with ecology, climate change and the environment, society, the social sphere and social responsibility, corporate management (ESG factors *), rendering, according to rating agency, influence on solvency of subject to rating – the receiver of credit rating, its financial stability, capability and readiness to perform, including in the future, the assumed financial liabilities and (or) reliability emitted (issued) it financial instruments;

exerting external impact (lowering/increase) on the level of credit rating of the receiver of credit rating (further – external factors), including the information about person providing ensuring execution of financial liabilities of the receiver of credit rating and about availability at such person of the quick assets sufficient for ensuring execution of such obligations;

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* ESG (Environmental (ecological), Social (social), Governance (management) – the factors of sustainable development allowing to estimate subject to rating – the receiver of credit rating from the point of view of ecological responsibility, social focus and transparency of corporate management.

4.3. the description and algorithm of calculations of the factors specified in paragraphs second and third subitem 4.2 of this Item;

4.4. technique (procedure) of assignment of credit rating, algorithm and procedure for determination of level of credit rating and (or) forecast for it;

4.5. assumptions and restrictions which can be applied by rating agency;

4.6. list:

terms and their determinations used in methodology;

sources of information which is used by rating agency for implementation of rating action according to methodology, and procedure for its obtaining taking into account requirements of the legislation on the commercial, bank and protected by the law other secret, the legislation on personal data;

cases in case of which the rating agency refuses assignment of rating and (or) the forecast for it or withdraws the assigned score and (or) the forecast for it;

the bases of review of methodology for the purpose of maintenance of its relevance;

4.7. rating scale with the description of all rating categories and levels of credit rating with indication of forecast levels of default on them;

4.8. evaluation procedure of assets and liabilities of the receiver of credit rating, including sources of information based on which such assessment is performed (if necessary);

4.9. – the receiver of credit rating to perform assessment of capability of subject to rating, including in the future, the assumed financial liabilities without external factors;

4.10. determination of procedure for assignment of the forecast for credit rating. The methodological committee taking into account features of subject to rating has the right to determine procedure for assignment to this subject to rating of credit rating without forecast for it;

4.11. procedure for transfer of high-quality factors in quantitative factors;

4.12. specifying of the temporary horizon of credit rating. The time horizon of credit rating for long-term credit ratings is established as the period lasting over one year.";

1.1.4. add the Instruction with Item 4-1 of the following content:

"4-1. The methodology meets the following requirements:

4-1.1. has instructions on continuity of application of methodology within rating activities, and also much applications in the conditions of force majeur circumstances and other crisis situations;

4-1.2. provides possibility of comparison of credit ratings on different types of subjects to rating;

4-1.3. more than a half of all factors is the share of quantitative factors which are used in methodology. If more than a half of all factors is the share of high-quality factors, in methodology the reasons for which this approach is chosen are specified;

4-1.4. in case of application of expert evaluation in methodology are specified:

conditions and procedure for involvement of the expert by rating agency for obtaining from it expert evaluation;

the qualification requirements and requirements to goodwill imposed to the expert (for physical persons) or competences of the legal entity (if the physical person is the authorized representative of the legal entity);

determination of share of expert evaluation or specifying of its borders (on each factor and their set);

the borders of application of the settlement given and value judgment expressed in their percentage to the final level of the assigned credit score.";

1.1.5. Item 5 part one after the word "methodologies" to add with words ", the decision on availability in methodology of mistake (mistakes)";

1.1.6. in part one of Item 6 of the word "item 4" shall be replaced with words "Items 4, 4-1";

1.1.7. the second Item 8 to add part with the words "through SMDO or on paper";

1.1.8. in parts one and the second Item 10 of the word of "item 4" shall be replaced with words "items 4 and 4-1";

1.1.9. state Item 13 in the following edition:

"13. The methodological committee of rating agency concerning each methodology no later than 12 months from the date of its approval by National Bank performs review of methodology and accepts one of the following decisions:

about possibility of further application of methodology when implementing rating actions;

about need of change of the specified methodology.

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