Moody's affirms Gazprombank

Moody's Investors Service said it affirmed Gazprombank's long-term local-currency deposit rating at A3, foreign-currency senior unsecured debt rating at A3, long-term foreign-currency deposit rating at Baa1, short-term foreign-currency deposit ratings at prime-2, bank financial strength rating at D- and national scale rating for deposits at Aaa.ru

The affirmations follow a recent change in the outlook to positive for the bank's parent, JSC Gazprom.

The bank's ratings continue to take into account a degree of expected parental support from Gazprom, but a majority of support would potentially come directly or indirectly from the government, Moody's said.

Moody's said it continues to believe the probability of systemic support is high, given the bank's systemic importance to the Russian banking system and Gazprom's operation.

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