The affirmation of the IDR reflects Fitch's confidence that Belgazprombank’s parents (jointly owned by PJSC «GAZPROM» (BBB-/Positive) and Bank GPB (JSC) (BB+/Positive)) would likely have a high propensity to support their subsidiary, if needed, due to the strategic importance of the Belarusian market and the tight political and economic ties between the two countries.
Further increase of the Bank’s long-term IDR is capped by Belarus' Country Ceiling ("B").
The bank’s "b" VR, which has been affirmed, reflects Belgazprombank's stable and more profitable through-the-cycle performance than that of its peers, its higher loan-quality, as well as its stable and solid levels of core capital.
The rating actions in relation to Belgazprombank are as follows:
· Long-term IDR affirmed at 'B'; Outlook Stable;
· Short-term IDR affirmed at 'B';
· Support Rating affirmed at '4';
· Viability Rating affirmed at 'b'.For more details, please see Fitch Ratings’ webpage at www.fitchratings.com.