In its press release, S&P Global Ratings comments that the action was based on “improved economic risks for banks operating in Russia as well as GPB's well-established positions and strong franchise in corporate business, resulting in very strong asset quality performance of its loan book despite pandemic-related stress”, as well as on the agency’s expectation that “the bank’s efforts to expand its retail business to complement its corporate franchise will continue supporting its margin and financial results over the next two years”.

The ratings of two foreign subsidiary banks of Gazprombank JSC including Bank GPB International S.A. have been upgraded in tandem with the parent bank to BBB- with stable outlook.