Fitch Ratings has downgraded Belarus's Long-Term Foreign Currency Issuer Default Rating (IDR) to "CCC" from "B", and Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of "CCC" or below, the international rating agency said in a press release.

"Fitch Ratings has downgraded Belarus's long-term foreign currency IDR to "CCC"," the agency said in the press release.

Fitch noted that the downgrade is because of a number of factors, including possible sanctions and the role of Belarus in Russia's military operation in Ukraine, and all this creates significant risks to macro-financial stability. The agency does not expect that Russia will provide serious financial support to Belarus for the redemption of its 2023 Eurobonds, and reminded that Belarus's geopolitical risks remain at a high level.

Consequently, Fitch has expressed doubts about the ability of Belarus to meet its external obligations, and considers its financial future to be very uncertain.

"In addition, public and external finances will be hit amid pre-existing constraints on financing flexibility, macro-economic performance will deteriorate and geopolitical risks remain elevated," in Fitch's view.