YEREVAN, February 9, /ARKA/. Moody's credit ratings upgraded Russia’s third largest bank, Gazprombank’s sovereign credit rating to BAA3, Areximbank-Gazprombank Group press service told ARKA. It said another international rating agency, Standard & Poor's (S&P), has confirmed Gazprombank’s “ВВ+” rating.

It said also Gazprombank plays a large role in implementation of Russian government’s initiatives to support the banking sector and economy. The bank also handles Gazprom’s operations. Gazprombank OAO (Russia) is the sole shareholder of Armenia-based Areximbank- Gazprombank Group CJSC. -0-