OREANDA-NEWS. Gazprombank is assigned Long-term Issuer Default Ratings (IDRs) of “BBB-“ by Fitch Ratings, one of the leading rating agencies in the world. The outlook is stable.

The long-term issuer default rating assigned to Gazprombank is just one notch lower than the rating of the Russian Federation (“BBB”) and reflects the high probability of the Bank to receive support, if needed, from the Russian state or state-controlled entities. The agency attributes this view to the Bank’s systemic importance for the Russian banking sector and to the significant degree of the Bank’s ownership by quasi-sovereign companies.

Among other factors supporting the Bank’s creditworthiness, the agency highlights the Bank’s strong market share in servicing corporates, significant business ties with Gazprom Group, as well as the predominance of top tier Russian companies among its borrowers and depositors.

In addition, Fitch Ratings notes the high asset quality of the Bank.

Funding is mainly sourced from customer accounts which made up 77% of liabilities at end-January 2013, and in particular large corporates, many of which are state-controlled or oil and gas-related.

Deputy Chairman of the Bank’s Management Board Oleg Vaksman comments: “The investment-grade rating from Fitch Ratings, one of the leading agencies, is a recognition of the Bank’s accomplishments both in the Russian and international markets. This rating action focuses investors’ attention to the Bank’s sound credit profile, especially notable in the backdrop of today’s strained situation in the international capital markets. With this decision from Fitch Ratings, Gazprombank now has investment-grade ratings from all leading international rating agencies.”