Gazprombank Sep 11
Standard & Poors, September 2011
Abstract
High likelihood of state support, based on the "strong" link with the government of the Russian Federation through strategic shareholder and state-controlled leading gas producer Gazprom. Implicit support from and close capital ties and business relationship with Gazprom and its subsidiaries. Better credit risk and asset quality than the Russian banking sector average. Sound funding and liquidity position, stemming from moderate short-term debt repayments. High economic and industry risks under which banks in Russia operate. Weak capitalization, based on Standard & Poor's risk-adjusted capital ratio for the bank. Strong ties with Gazprom and other state-owned companies that lead to a concentrated deposit base. Concentration risk in the loan portfolio. Revenue structure that could lead to revenue swings because of the...
Companies mentioned in this report are:
- Gazprombank
- Gazprom OAO
- Gazprom Neft JSC
- Gaz Capital S.A.
- GPB Eurobond Finance PLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Gazprombank
- Gazprom OAO
- Gazprom Neft JSC
- Gaz Capital S.A.
- GPB Eurobond Finance PLC
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