Switzerland-Based Subsidiary Of Gazprombank Assigned 'BBB-/A-3' Ratings Based On Core Status; Outlook Stable Jul 13
- Language: English
- Published: July 2013
The ratings on Russia-based Gazprombank (GPB) primarily reflect Standard & Poor's Ratings Services' view of the high economic and industry risks that banks operate under in Russia, compared with levels in other countries. The ratings also factor in GPB's "weak" capitalization according to Standard & Poor's risk-adjusted capital (RAC) ratio on the bank. In addition, we take into account that leading gas producer, state-controlled OAO Gazprom (BBB/Stable/A-2) and related companies, and other state-owned companies are providing a material portion of the bank's funding, which exposes funding to concentration risk. In addition, we consider that GPB is exposed to high concentration risk in the loan portfolio and to uneven revenues owing to the moderate contribution from core commercial banking revenues and...
Companies mentioned in this report are: Gazprombank
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >