Fitch affirms Gazprom

Fitch Ratings said it affirmed OAO Gazprom's long-term foreign- and local-currency issuer default ratings at BBB, along with its senior unsecured rating at BBB and short-term issuer default rating at F3. Gaz Capital SA's debt issuance program also is affirmed at BBB.

The outlook is stable.

The ratings reflect the company's strong market position as one of the leading gas producers in the world with a large reserve base and long reserve life, the agency said, and as a supplier of about a quarter of Europe's gas consumption.

Despite some pressure to include a spot gas pricing component into European export sales prices, the agency said it anticipates that the current framework for gas prices for European exports will remain largely in place.

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