OREANDA-NEWS. On March 12, 2014, Fitch Ratings affirmed Gazprombank's Long-term Issuer Default Ratings (IDRs) at investment grade, “BBB-“, with Stable Outlook.

According to Fitch's press-release, GPB's rating reflects Fitch's view of the high probability that support for the bank will be forthcoming, if needed, from the Russian Federation or other state-controlled entities, most probably, the bank's founder and significant shareholder OAO Gazprom . Fitch underlined GPB's high systemic importance for the banking sector, a high degree of state control and supervision over the bank through quasi-sovereign entities, a strong track record of support, and high reputational risks of a potential default for the Russian authorities and the bank's state-controlled shareholders.

GPB's 'bb' Viability Rating (individual rating) reflects the Bank's prominent market positions and generally lower-risk lending business focused on larger and stronger Russian corporates and secured retail products, as well as currently comfortable liquidity.

The agency also confirmed the ratings of Gazprombank (Switzerland) Ltd. at “BBB-“ with Stable Outlook, reflecting Fitch's view of the high probability that support from GPB would be forthcoming to the subsidiary, if needed.

Full list of Fitch's rating actions:

Gazprombank:

Long-term foreign and local currency IDRs: affirmed at 'BBB-'; Outlook Stable

Short-term foreign currency IDR: affirmed at 'F3'

National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable

Viability Rating: affirmed at 'bb'

Support Rating: affirmed at '2'

Support Rating Floor: affirmed at 'BBB-'

Senior unsecured debt long-term local-currency rating: affirmed at 'BBB-'

National long-term senior unsecured debt rating: affirmed at 'AA+(rus)'

GPB Eurobond Finance plc:

Senior unsecured debt Long-term rating: affirmed at 'BBB-'

'Old-style' subordinated debt rating: affirmed at 'BB+'

'New-style' subordinated debt rating: affirmed at 'BB-'

Gazprombank (Switzerland) Ltd.:

Long-term IDR: affirmed at 'BBB-'; Outlook Stable

Short-term IDR: affirmed at 'F3'

Support Rating: affirmed at '2'

Senior unsecured debt Long-term rating: affirmed at 'BBB-'