S&P rates Gazprombank (Switzerland) bonds BBB-

Standard & Poor's said it assigned its BBB- issue rating to the proposed senior unsecured bonds to be issued by Gazprombank (Switzerland) Ltd. (BBB-/stable/A-3).

The agency said the issue rating on the proposed bonds reflects its BBB- long-term counterparty credit rating on Gazprombank (Switzerland) and the preliminary terms of the issue in accordance with the methodology on rating banks' senior unsecured debt.

The ratings on Gazprombank (Switzerland) reflect S&P's view of the bank as a "core" subsidiary of Gazprombank because, in its opinion, it is fully integrated with its parent and because the agency expects that the parent would support Gazprombank (Switzerland) under any foreseeable circumstances.

In accordance with rating criteria, S&P therefore rates the subsidiary at the level of its BBB- long-term issuer credit rating on Gazprombank.

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