Moody's cuts Gazprombank to Baa3

Moody's Investors Service said it downgraded Gazprombank's bank financial strength rating to E+ from D-, long-term foreign- and local-currency deposit and debt ratings to Baa3 from Baa2 and the short-term foreign-currency bank deposit rating to prime-3 from prime-2. The agency also said it affirmed its Aaa.ru national-scale rating for deposits.

The outlook is stable.

The downgrade reflects the weakening in Gazprombank's financial fundamentals, in particular, weak capital position in relation to risks taken, Moody's said.

The pressure on Gazprombank's capital derives largely from its high exposure to credit and market risks, the agency said.

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