S&P moves Gazprombank view to stable

Standard & Poor's said it revised the outlook to stable from developing on Gazprombank.

At the same time, the long-term B+ and short-term B counterparty credit ratings and the Russia national-scale A+(ru) ratings on the bank were affirmed.

The action reflects the stable outlook on its parent, OAO Gazprom (BB-/stable), and bank's increasingly important role in implementing the development strategy of its parent group, the world's largest gas producer, S&P noted.

The ratings on Gazprombank are supported by the bank's strategic importance to Gazprom group, adequate capitalization and good liquidity, the agency said.

The ratings remain constrained by the bank's significant exposure to the Gazprom group and its weak earnings structure, as well as the risks associated with operating in the risky 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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