Fitch Affirms Belgazprombank at “B”

Press office.
Fitch Ratings has affirmed Belgazprombank's “B” Long-Term Issuer Default Rating (IDR) with Negative Outlook removing the bank’s ratings from Rating Watch Negative.
Fitch Affirms Belgazprombank at “B”

Thus, currently the bank enjoys the highest ratings possible for Belarusian issuers capped by the country ceiling “B”.

The rating action followed the termination of the temporary administration at the bank. It reflects Fitch's view that the propensity of Belgazprombank's owners (PJSC Gazprom (BBB/Stable) and Gazprombank (Joint-stock Company) (BBB-/Stable), each holding a 49.82% stake) to provide support to the bank, if needed, remains high considering the strategic importance of the Belarusian market and a record of support provided to date.

The rating actions in relation to Belgazprombank are as follows:

  • Long-term IDR affirmed at “B”, Outlook Negative; 
  • Short-term IDR affirmed at “B”;
  • Support Rating affirmed at “4”;
  • Viability Rating affirmed at “b”.

For more details, please visit the Fitch Ratings’ official site.

On 8 December 2020 the Board of Directors of Belgazprombank unanimously adopted a decision to introduce changes to the Management Board of the bank (the decision executed by the Minutes No. 4 as of 8 December 2020).

On 31 August, Belgazprombank finalized its IFRS financial statements (unaudited) for a 6-month period ended 30 June 2020.

Fitch Ratings has kept Belgazprombank’s ratings unchanged placing them on watch. The action follows the decision of the National Bank of the Republic of Belarus to introduce on 15 June 2020 (for a maximum six months) the temporary administration at Belgazprombank and suspension of powers of the management board of Belgazprombank for the period of the temporary administration.

Fitch Ratings affirmed Belgazprombank’s Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.

The General Shareholders Meeting of Belgazprombank was held on 27 March 2020 and approved the bank’s 2019 performance results. The difficult epidemiological situation in the world caused by the coronavirus pandemic has made its adjustments. The meeting was held using a video conference system.

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