The credit rating assigned to "Gazprombank-Invest" Llc. (hereinafter, the Company) is based on the Company’s strong connection to Bank GPB (JSC), whose credit rating is high (AA(RU), outlook Positive).

The Company is a wholly owned subsidiary of Bank GPB (JSC) (hereinafter, the Bank, Supporting Organization, or SO) and is used to invest funds in development projects. The Company’s financing comes exclusively from the Bank in the form of capital and loans.

Given that all investment and financial decisions are made by the Bank, ACRA believes that assessing the Company’s standalone creditworthiness is impractical and therefore has used only the Methodology for Analyzing Member Company Relationships Within Corporate Groups.

Key rating assessment factors

ACRA assesses the Company’s connection to the SO as strong. All of the Company’s investment decisions are made by the Board of Directors, which consists of senior officials from the SO. Before a project is submitted to the Company’s Board of Directors, it is approved by various departments from the Bank.

The Company develops its business by reinvesting its own capital, as well as using borrowed funds. The Company’s only source of credit is the Bank. The Company selects potential projects based on historical benchmarks, in particular the Company’s participation, payback period, and project profitability. However, the Company’s Board of Directors makes decisions on capital structure and the terms of participation for each project only after approval from authorized units of the Bank. The Bank determines the Company’s dividend policy. No dividends were paid in 2016-2018.

The Bank determines all of the Company’s key strategic decisions and provides comprehensive support to the Company and companies belonging to its group. In addition, the Bank provides the Company with debt financing in the form of credit lines in order to implement projects. ACRA assesses the probability of the Bank's extraordinary support with both capital and additional liquidity as high.

Key assumptions

  • The Bank maintaining shareholder and operational control.

Potential outlook or rating change factors

The Stable outlook assumes that the rating will most likely stay unchanged within the 12 to 18-month horizon.

A positive rating action may be prompted by:

  • Increased importance to the Bank.

A negative rating action may be prompted by:

  • The Bank losing shareholder and operational control.

Rating components

SCA: Undetermined

Support: SO credit rating minus 5 notches 

Issue ratings

No outstanding issues have been rated.

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Analyzing Member Company Relationships Within Corporate Groups and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to "Gazprombank-Invest" Llc. for the first time. The credit rating and its outlook are expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on the data provided by "Gazprombank-Invest" Llc., information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and "Gazprombank-Invest" Llc. participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by "Gazprombank-Invest" Llc. in its financial statements have been discovered.

ACRA provided no additional services to "Gazprombank-Invest" Llc. No conflicts of interest were discovered in the course of credit rating assignment.

We protect the personal data of users and process cookies only to personalize services. You can prevent the processing of cookies in your browser settings. Please read the terms of use of cookies on this website by clicking on more information.