March, 2011 - Fitch Ratings has affirmed Belgazprombank’s (BGPB) “B Long-Term and Short-Term IDRs, “D/E Individual Rating and “4 Support Rating and revised the Outlook to Negative from Stable.
The Negative Outlook reflects Fitch's opinion that the financial position of the Belarusian sovereign weakened significantly during Q410 and the beginning of 2011, and could deteriorate further in the near term.
Belgazprombank’s IDRs and Support Ratings are driven by possible support from this bank's foreign (Russian) shareholders: OAO Gazprom (‘BBB’/Outlook Stable) and its affiliate Gazprombank. When addressing the Bank’s Individual Ratings Fitch underlines the stronger loss absorption capacity at BGPB than at other rated banks, due to higher capital ratios and moderate lending under government programmes.
Fitch Ratings has taken the following rating actions towards Belgazprombank:
Long-term Issuer Default Rating (IDR): affirmed at 'B'; Outlook changed to Negative from Stable
Short-term IDR: affirmed at 'B'
Individual Rating: affirmed at 'D/E'
Support Rating: affirmed at '4'
