OREANDA-NEWS. Fitch Ratings has today affirmed Belarus-based Belgazprombank's ("BGB") ratings at Issuer Default "B-" (B minus), Short-term "B", Individual "E" and Support "5". The Outlook is Stable.
 
BGB's Issuer Default and Short-term ratings are based on Fitch's view of the likelihood of support for the bank being forthcoming from its main shareholder, Russian integrated gas utility Gazprom (Issuer Default "BBB-" (BBB minus), Positive Outlook).

However, the sovereign risk of Belarus limits the extent to which this support can be factored into the ratings.
 
BGB's Individual rating reflects its small size and franchise, moderate profitability and capitalisation and significant weaknesses in the operating environment. However, it also factors in BGB's continued track record of adequate asset quality, adequate liquidity, improved funding diversification and relatively strong management.