S&P lifts Gazprom

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on OAO Gazprom to BBB- from BB+, reflecting Gazprom's strengthening operating performance in 2006.

At the same time, the long-term corporate credit rating on JSC Gazprom Neft was raised to BB+ from BB.

The outlooks are stable.

According to the agency, the upgrade of Gazprom reflects the increasingly favorable pricing environment for both domestic gas sales and for exports to the former Soviet Union and Europe.

S&P said that the ratings on Gazprom remain anchored by the company's stand-alone credit quality, to which one notch is added to reflect its expectations of extraordinary support from the majority shareholder, The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2).

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