Moody's upgrades Gazprom

Moody's Investors Service said it has upgraded the ratings of OJSC Gazprom following an earlier decision by Moody's to upgrade Russia's long-term ratings and foreign-currency country ceiling to Baa2, with a stable outlook.

Ratings affected include long-term foreign currency issuer rating upgraded to Baa2 from Baa3 and long-term foreign currency debt ratings for guaranteed issuance of Gaz Capital SA and Gazstream SA upgraded to Baa1 from Baa2.

The outlook is stable.

While Moody's foreign currency issuer ratings will remain constrained by the sovereign rating, selected foreign currency debt ratings continue to be able to pierce the sovereign ceiling, as is already the case for Gazprom, Moody's said.

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