OREANDA-NEWS. Standard & Poor's Ratings Services said today that it raised its long-term counterparty credit rating on Russia-based Gazprombank to 'BB+' from 'BB', and its Russia national scale rating to 'ruAA+' from 'ruAA'. At the same time, the 'B' short-term counterparty credit rating was affirmed. The outlook is stable.

The rating action on Gazprombank is driven by its strengthening commercial profile, and closer ties to its parent OAO Gazprom.

Gazprombank's projected $1.28 billion new capital increase from Gazprom in late 2006 is a positive development that illustrates Gazprom's commitment to the bank.

"We regard Gazprombank to be a strategically important subsidiary of Gazprom, and consider that Gazprom is able and committed to provide the necessary assistance to Gazprombank to support its expansion, but also in a distress scenario," said Standard & Poor's credit analyst Elena Romanova.