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We were the first in Belarus to publish open reliability scores for issuers
Independent scores for bond issuers and banks, built on our own models based on S&P methodology. The models, data and calculations are open to everyone.
Non-financial sector
Country and industry risk, customer concentration, debt load, debt coverage by profit, liquidity and currency risk.
up to 50 pointsDetails → 02 v1.0 · 9 indicatorsLeasing companies
Diversification of leased assets, equity funding, cash gap, overdue and payment currency.
up to 45 pointsDetails → 03 8 indicatorsBase model
An automatic score from financial statements: debt, cash flows and liquidity compared with other companies.
0–10 scaleDetails →Companies that defaulted had low scores well before the default
We compared the scores of 14 issuers that defaulted on their bonds with the rest of the database, using each defaulter's last statements before the default. All eight indicators were worse for them, most of all the ones based on operating profit.
Score a company yourself
Enter five balance-sheet lines prepared under Belarusian accounting standards and get an express reliability score from 0 to 10 based on our model. The score is relative: the company's ratios are compared with the 249 companies in our database.
The express model uses 2 of the 8 indicators of the base model: debt level and current ratio. The full score also takes cash flows and other liquidity ratios into account. The calculation runs in your browser; no data is sent anywhere. This is not investment advice.
Banks of Belarus
Estimated value of all 24 banks in the country and a reliability ranking based on compliance with prudential ratios. Banks are split into three groups: state-owned, those with a strong foreign owner, and other private banks — in our model a bank cannot rank above a group that would receive support earlier.
| # | Bank | USD m |
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| # | Bank | USD m |
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| # | Bank | Points for prudential ratios |
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Rank is determined first by group, then by points within the group.
| Bank | Debt to the National Bank, BYN m |
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Source: the EKANOMIKA channel. Support went to all state-owned banks and several large banks with strong foreign owners; private banks in the third group received none. This is consistent with the assumption in our model.
Publications and market research
The project archive: reviews of issuers, banks, regulation and the debt market. Translated from Russian; linked PDF documents are in Russian.
202211 May 2022Analysis of defaults of Belarusian companiesRead →
202118 January 2021Value of all Belarusian banks, Q3 2020Read →
202217 May 2022Financial results of Belarusian companies in 2021Read →
202211 May 2022Financial results of Belarusian banks in 2021Read →202114 July 2021How to raise money successfully through bonds and tokensRead →
202031 August 2020Bank valuation model 1.0Read →Contact us
Want a reliability score or an investor presentation for your company, found an issuer missing from our database, or have feedback on the site — get in touch.