Fitch: Gazprombank notes BBB-, BB-

Fitch Ratings said it has assigned Gazprombank's forthcoming series 16 senior unsecured loan participation notes an expected long-term foreign currency rating of BBB-(exp).

The senior unsecured debt ratings are aligned with the bank's BBB- long-term issuer default ratings, which reflect Fitch's view of a high probability of the bank receiving support, if needed, from Russia (BBB/stable) or state-controlled entities, most notably OAO Gazprom (BBB/stable), the bank's founder and minority shareholder.

Fitch said it has also assigned Gazprombank's CHF 350 million of "new-style" subordinated loan participation notes a final long-term rating of BB-.

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