Fitch: Gazprom up to positive

Fitch Ratings said it revised OAO Gazprom's BB senior unsecured foreign currency and local currency ratings to Rating Watch positive from Rating Watch evolving following the upgrade of Russia's sovereign rating to BBB- from BB+.

Fitch said the Rating Watch revision reflects the increased likelihood of an upgrade for Gazprom due to its strategic linkage to the state and synergies to be gained from an increase of state ownership following its merger with Rosneft, which is still pending regulatory approval.

At the same time, Fitch said a downgrade seems less likely as a result of the Rosneft merger.

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