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Credit ratings

Belgazprombank’s ratings assigned by the international rating agency Fitch Ratings:

Year Long-term IDR Short-term IDR Viability Rating Support Rating Outlook
2019 B B b 4 Stable

Year Long-term IDR Short-term IDR Viability Rating Support Rating Outlook
2018 B B b 4 Stable
2018 B B b- 4 Stable
2017 B- B b- 5 Stable
2017 B- B b- 5 Stable
2016 B- B b- 5 Stable
2015 B- B b- 5 Stable
2014 B- B b- 5 Stable
2013 B- B b- 5 Stable
2012 B- B b- 5 Stable
2011 B- B b- 5 Stable
2011 B B b- 4 Stable
2010 B B N/A 4 Stable
2009 B B N/A 4 Stable
2007 B B N/A 4 Stable
2006 B- B N/A 5 Stable
2005 B- B N/A 5 Stable

On 14 June 2019 Fitch Ratings affirmed the Long-term IDR of Belgazprombank at 'B' with a "Stable" Outlook. The rating action reflects Fitch's confidence that Belgazprombank’s parents (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's 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.


On 27 June 2018 Fitch Ratings upgraded Belgazprombank’s VR to "b" from "b-". Fitch also affirmed the Long-term IDR of Belgazprombank at "B" with a "Stable" Outlook. The upgrade of VR reflects Belgazprombank’s track record of more stable asset quality performance and profitability compared to Belarusian peers. Fitch’s view of Belgazprombank’s stronger loan quality is driven by the Bank’s consistently low non-performing loans (NPLs overdue by more than 90 days) and limited restructured loans.

On 1 February 2018 Fitch Ratings upgraded Long-term IDR and Support Rating of Belgazprombank to "B" from "B-" and to "4" from "5" correspondingly. The rating action followed the Fitch's upgrade of Belarus’s sovereign Long-term IDR and Country Ceiling to "B’ from "B-". The IDR of Belgazprombank enjoying support from its higher-rated Russian parents (PJSC "Gazprom" (BBB-/Positive) and Gazprombank (Joint - stock Company) (BB+/Positive)) was sensitive to the country ceiling and, as Fitch reported, could be further upgraded following the agency’s positive decision towards Belarus in future.

On 31 July 2017 Fitch Ratings affirmed Long-term IDR of Belgazprombank at "B-" with improved Outlook to Positive from Stable. The rating action followed the revision of Outlook on "B-" Belarus's sovereign ratings to Positive from Stable. The revision of Outlook on Belgazprombank’s IDR reflected the likelihood of it being upgraded once the sovereign ratings were upgraded and the country ceiling was revised to "B" from "B-".

In July 2017 Fitch Ratings affirmed the Long-term IDR of Belgazprombank at "B-" with a "Stable" Outlook. Fitch Ratings remained confident in the support of the Russian shareholders of Belgazprombank (PJSC "Gazprom" (BBB-/Stable) and Gazprombank (Joint - stock Company) (BB+/Stable)) in case of need and their commitment to the Belarus market evidenced by the recapitalization of the Bank through a subordinated loan provided to it in 2015. At the same time Belarus's Country Ceiling ("B-") had a moderate influence on the Bank’s long-term IDR at "B-" level.

In July 2016 Fitch Ratings affirmed the Long-term IDR of Belgazprombank at "B-" with a "Stable Outlook". The Fitch's estimation of IDR reflected the likelihood of support the Blank might receive from its Russian shareholders. Fitch's view of potential support was based on the tight integration links between the Bank and its parent companies, continued strong commitment of the Russian owners to the Belarus market, common branding (implying high reputational risks in case of a subsidiary default), the track record of support to date and the low cost of any support required (given that Belgazprombank accounted for a small part of parent entities' consolidated assets).

In August 2015 Fitch Ratings reconfirmed the Bank’s IDRs at "B-" with a "Stable" outlook. The Agency noted tight integration links between the Bank and the parent companies, continued strong commitment of the Russian owners to the Belarus market, which was evidenced by the provision of USD 150 mln subordinated loan in 1Q 2015, as well as low cost of any potential support and its constant availability in case of need.

In December 2014 Fitch Ratings confirmed the Bank’s Long-term IDR at "B-" with a "Stable" outlook. The agency stressed importance of the ownership structure and tight integration links between the Bank and its parent companies, which was expressed in the Russian shareholders’ interest in business development on the Belarus market, low cost of any potential support and its constant availability in case of need.

In August 2011 Fitch Ratings downgraded the Long-term IDRs of six Belarusian banks, including Belgazprombank, from "B’ to "B-". The downgrade reflects the rating agency's revision of the sovereign and country risks of the Republic of Belarus.

In March 2011 Fitch Ratings affirmed Belgazprombank’s Long- and Short-term IDRs at "'B", Individual rating – at "D/E", Support rating – at "4" and revised the outlook from "Stable" to "Negative", which reflected Fitch's view that the financial position of a sovereign issuer was weakened significantly during the 4Q 2010 and in the beginning of 2011.

In October 2010 Fitch Ratings revised its outlook on Long-term IDRs of four Belarusian banks with foreign capital. As a result Belgazprombank’s Long-term IDR was affirmed at "B" and the outlook was changed from "Negative" to "Stable". In July 2009 Fitch Ratings changed the outlook from "Stable" to "Negative". The "Negative" outlook reflected the growing risk that deteriorating macroeconomic conditions and external finance of the Republic of Belarus could weaken sovereign creditworthiness and lead to an increase of transfer and convertibility risks.

In April 2009 Fitch Ratings upgraded the Bank's individual rating to "D/E" from "E".

In October 2007 Fitch Ratings upgraded Belgazprombank’s Long-term IDR to "B" from "B-" and Support Rating to "4" from "5".

In March 2005 Fitch Ratings assigned Belgazprombank the following ratings: Loan-term IDR at "B-", Short-term IDR at "B", Individual Rating at "E", Support Rating at "5", outlook "Stable".


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