S&P boosts Gazprom notes

Standard & Poor's said it raised its rating on Gazprom International SA's $1.25 billion 7.201% secured export notes due 2020 to BBB+ from BBB and removed them from CreditWatch, where they were placed Sept. 4.

The agency added that the rating is one notch higher than OAO Gazprom's issuer credit rating of BBB.

According to S&P, the SENs are structured as a loan from Gazprom International to OAO Gazprom and the loan is collateralized with current and future receivables due on two current gas supply contracts with Gazexport Ltd. and NV Nederlandse Gasunie (AA+/stable/A-1+).

The BBB+ rating on the SENs reflects OAO Gazprom's operational and financial strengths and the importance of gas export revenues to the Russian economy, S&P said.

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