S&P: Gazprom Neft on positive watch

Standard & Poor's said it placed its BB+ corporate credit rating and ru AA+ national-scale rating on JSC Gazprom Neft on CreditWatch with positive implications.

The agency said that the action reflects the placement of the parent OAO Gazprom (BBB-/Watch positive), on CreditWatch with positive implications as part of a review of government influence on government-related entities in Russia.

S&P said that the CreditWatch listing is expected to be resolved in conjunction with that of its parent over the next several weeks following reviews of the risks and benefits of links to the Russian Federation (foreign currency ratings BBB+/stable/A-2, local currency ratings A-/stable/A-2), as well as other relevant credit quality factors.

The current rating on Gazprom Neft is one-notch below the parent, S&P said, adding that Gazprom Neft is Gazprom's key strategic oil subsidiary and is likely to be considered subject to cross default on Gazprom's MTNs.

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