Chinese Dagong Global Credit Rating assigns Gazprombank A- issuer rating in local and foreign currency with "stable" forecast

BEIJING, March 18. /TASS/. Leading Chinese rating agency Dagong Global Credit Rating assigned Gazprombank a rating for the first time. Long-term credit rating of the bank is set at A- in local and foreign currency with the "stable" outlook, according to the Agency’s report, published Wednesday. "Dagong assigns to Gazprombank a long-term issuer rating of A- in foreign and local currency, with the "stable" outlook for both," the document said. According to the document, "Gazprombank ability to create profit remains relatively high due to its strong market position and the improving loan payment." Despite the short-term difficult situation due to the recent deterioration of the economic situation in Russia and sanctions from the EU and the US, Gazprombank maintains a strong ability to repay debt. Financial position of the Bank has a relatively high level of capital adequacy, significant liquidity volume and stable funding sources, experts of the agency. Earlier in March, Dagong Global Credit Rating assigned Gazprom Neft an AA long-term credit rating for obligations in Russian roubles, and an AA- credit rating for obligations in foreign currencies, both with a stable outlook. At the same time the agency maintains a "stable" outlook for Gazprom credit rating in the next year or two. Dagong Global Credit Rating was founded in 1994. All agency’s ratings are recognized by the Chinese government. In January, Russia was given an A rating with a "stable" outlook against Russia's "speculative" rating level by American S&P agency. Read more