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Fitch affirmed Gazprombank’s rating at “BB+” with “Positive” outlook and upgraded its subordinated debt rating

Moscow, 04 December 2017 -  On November 30 , 2017, Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Gazprombank and its subsidiary Gazprombank (Switzerland) Ltd. The Outlooks on the ratings are Positive.

The affirmation of Gazprombank’s long-term ratings reflects Fitch's view of a very high propensity of the government to support the Bank, in case of need, due to a high degree of state control and supervision by quasi-sovereign entities, most significantly by the bank's founder and shareholder Gazprom, Gazprombank's high systemic importance for the banking sector, as well as the high reputational risks of its potential default for the Russian authorities and state-controlled shareholders.

The upgrade of GPB's “new-style” subordinated debt issues is the result of Fitch’s reassessment of the risk of non-performance on these instruments by the Bank. Following this rating action, all Gazprombank’s subordinated debt issues are rated by Fitch only one notch lower than senior unsecured debt. 

The rating of Gazprombank (Switzerland) Ltd. was affirmed at the level of the parent due to its significant role and high integration into Gazprombank’s activities.  

The «Positive» Outlooks on the ratings reflect that on Russia.

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