OREANDA-NEWS. August 17, 2011. Standard & Poor's Ratings Services upgraded Gazprombank’s long-term credit rating from “BB to “BB,plus”  and raised its Russia national ratings to ”ruAAplus” from ”ruAA”. The outlook is stable.

Standard & Poor`s rationale for the upgrade includes improved asset quality, decreased risk appetite as well as  enhanced funding position of the bank.

In its report Standard & Poor`s emphasized that the bank has a high  quality credit portfolio which performed better than peers’ during the crisis”. Gazprombank's gross nonperforming loan-to-total loan ratio fell to 2.1% in 2010.

Standard & Poor`s views Gazprombank as systemically  important financial institution with “significant role in government support initiatives for the domestic banking sector and economy, and its role in servicing Gazprom's operations”.

“The stable outlook reflects our expectation that Gazprombank's asset quality indicators will remain better than the Russian banking system average, adequate measures will be undertaken to increase the equity of the bank in proportion to the growth of risky assets, and earnings structure will gradually improve as core commercial banking revenues increase” – noticed Standard & Poor`s in its report.

“We are glad that the agency acknowledged positive trends in the overall effectiveness  and capital positioning of the bank and increased both the stand alone and long term   rating of the Bank, - noted Alexander Sobol, Deputy Chairman of the Management Board. – The appreciation by Standard & Poor’s of the systemic importance of Gazprombank for the Russian economy and the banking system is coherent with the strategy of the banks and  with the vision of the Bank’s top management”

“Systemic approach to risk-reward  and to the overall level of risks taken ensures high quality of Gazprombank’s  assets. This approach ensures high quality of the bank’s credit portfolio both in the time of economic growth and  periods of volatility, - stated Oleg Vaksman, First Vice-President. - This is reflected in the increase of the Bank’s stability level in the eyes of the international rating agency”.