S&P: Gazprom export notes unchanged

Standard & Poor's said that its BBB- rating on Gazprom International SA's $1.25 billion 7.201% secured exports notes remains unchanged following the upgrade of The Russian Federation to foreign currency BBB-/stable/A-3 and local currency BBB/stable/A-3.

"The transaction rating remains constrained by Gazprom's performance risk - the corporate's ability to produce, transport, and export gas to Western Europe," said S&P credit analyst Elena Anankina.

The government's improved fiscal and external liquidity positions - which are the primary reasons for the sovereign upgrade - do not affect Gazprom's performance risk (BBB-).

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