International rating agency Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Belgazprombank at ‘B-‘ with Stable Outlook.
International rating agency Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Belgazprombank at ‘B-‘ with Stable Outlook.
The affirmation of Long-term IDR of Belgazprombank (jointly owned by OAO Gazprom (BBB/Negative) and Gazprombank (BBB-/Negative)) with Stable Outlook reflects Fitch's expectation of the high propensity of its Russian owners to provide support, in case of need.
This view is driven by the majority ownership, parent-subsidiary integration links (including board representation and operational controls), continued strong commitment of the Russian shareholders to the Belarus market, low cost of any support required and the track record of support to date.
Support from the Russian parents has been forthcoming so far and Fitch believes it will be made available in the future.
In relation to Belgazprombank the rating actions are as follows:
Long-term IDR: affirmed at 'B-'; Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
