Standard & Poor's Global Ratings (S&P) has upgraded Belarusbank's short-term credit ratings to a B-, up from a previous C rating.

The B- rating also carries a stable outlook, according to a bank announcement. The bank's business position is considered strong and funding is considered "above average" by S&P when compared to other banks in the Belarus market.

International credit ratings are considered to be a reliable assessment of the bank's profile, also showing the banks transparency and financial solvency, according to the press release.