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S&P revised outlooks on Gazprombank and its core subsidiaries to stable; ratings affirmed at “BB+”

Moscow, 7 July 2017 -  On July 05, 2017, S&P Global Ratings revised its outlook on Gazprombank JSC and its core subsidiaries, Gazprombank (Switzerland) Ltd. and Luxembourg-based Bank GPB International S.A., to stable from negative.

At the same time, the agency affirmed “BB+/B” long- and short-term counterparty credit ratings of the entities.

The outlook revision is based on the agency’s view that Gazprombank's loss-absorption capacity is stabilizing. S&P notes that the bank demonstrates a significant strengthening of its capital combined with recovery of profitability.

S&P considers that Gazprombank will be able to cushion the impact of still challenging economic conditions and tightening competition on its credit standing.

The stable outlooks on Gazprombank's subsidiaries, Gazprombank (Switzerland) Ltd. and Bank GPB International S.A., mirror that on the parent. The ratings are equalized with the parent due to their core status in Gazprombank Group. 

The long-term ratings of Gapzrombank JSC and its core subsidiaries are on the same level with the foreign currency long-term sovereign rating of Russian Federation (“BB+”). 

“This positive action from S&P reflects the strengthening of Gazprombank’s creditworthiness alongside with its ability to largely absorb macro shocks” - Deputy Chairman of the Management Board Oleg M. Vaksman commented on the rating action. 

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