S&P rates Gazprom notes BBB-

Standard & Poor's assigned its preliminary BBB- rating to Gazprom International SA's structured export notes program.

S&P said the preliminary rating assigned to the transaction is based primarily on the lengthy historical performance of Gazprom in delivering gas reliably to its Western European customers and on a set of significant incentives for it to continue doing so in the future.

Notwithstanding the limitations of the security package, S&P said it believes that the positive performance incentives, along with elements of the structure that will impose significant costs should Gazprom not perform in accordance with the requirements of the transaction, provide an overall probability of full and timely payment of debt service on the rated notes that is consistent with the rating.

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