Fitch affirms Gazprom

Fitch Ratings said it affirmed OAO Gazprom's short-term foreign-currency issuer default rating at F3 after it announced its first euro-commercial paper program for up to $4 billion. The program issuer is a special purpose vehicle, Gazprom ECP SA and the program is unconditionally and irrevocably guaranteed by Gazprom.

Gazprom has long-term foreign- and local-currency issuer default ratings at BBB and senior unsecured ratings at BBB. Gaz Capital SA's debt issuance program is rated at BBB.

The outlook is negative.

Fitch said it considers Gazprom's liquidity position to be adequate and its financial flexibility also is underpinned by its easy access to funding from Russian state-related banks.

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