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RPT-Fitch Assigns Gazprombank's CHF350m Subordinated Notes 'BB-' Final Rating
February 28, 2014 / 10:47 AM / 4 years ago

RPT-Fitch Assigns Gazprombank's CHF350m Subordinated Notes 'BB-' Final Rating

Feb 28 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Gazprombank’s (GPB) CHF350m ‘new-style’ subordinated loan participation notes (LPN) a final Long-term rating of ‘BB-'.

KEY RATING DRIVERS AND RATING SENSITIVITIES

The LPNs carry a fixed coupon at the rate of 5.125% and have a put option date on 13 May 2019 and the final maturity date on 13 May 2024. The issue has coupon/principal write-down features, which will be triggered if: (i) the bank’s core Tier 1 capital adequacy ratio decreases below 2%; or (ii) the Deposit Insurance Agency acquires a controlling stake in the bank or provides financial assistance to it as part of an approved bankruptcy prevention plan. The latter is possible if a bank breaches any of its mandatory capital ratios or is in breach of certain other liquidity and capital requirements.

For more details on the key rating drivers and rating sensitivities, see “Fitch Rates Gazprombank’s Upcoming CHF Subordinated Notes ‘BB-(EXP)'” dated 15 January 2014 at www.fitchratings.com.

Gazprombank’s ratings are unaffected and as follows:

Long-term foreign currency IDR: ‘BBB-'; Outlook Stable

Long-term local currency IDR: ‘BBB-'; Outlook Stable

Short-term foreign currency IDR: ‘F3’

National long-term rating: ‘AA+(rus)'; Outlook Stable

Viability Rating: ‘bb’

Support Rating: ‘2’

Support Rating Floor: ‘BBB-’

Senior unsecured debt long-term local-currency rating: ‘BBB-’

National long-term debt rating: ‘AA+(rus)’

GPB Eurobond Finance plc’s debt ratings are unaffected and as follows:

Senior unsecured debt long-term foreign-currency rating: ‘BBB-’

Senior unsecured debt long-term local-currency rating: ‘BBB-’

‘Old-style’ subordinated debt rating: ‘BB+’

‘New-style’ subordinated debt rating: ‘BB-'

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