S&P: Gazprombank outlook to developing

Standard & Poor's said it revised its outlook on Gazprombank to developing from stable, reflecting the uncertain impact on the bank of a potential rating action on parent OAO Gazprom (BB-/Watch Developing/--) upon resolution of its CreditWatch status.

At the same time, the B+ long-term and B short-term counterparty credit ratings and the ruA+ Russia national scale rating on Gazprombank were affirmed.

S&P said the ratings reflect Gazprombank's strategic importance to Gazprom and Gazprom-related companies.

The ratings are constrained by the bank's high exposure to the Gazprom group, weak earnings structure and the risks associated with operating in the precarious environment prevailing in the Russian Federation (foreign currency, BBB-/stable/A-3; local currency, BBB/stable/A-3), S&P said.

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