Fitch revises Gazprom to positive

Fitch Ratings said it revised the outlook on PJSC Gazprom and PJSC Gazprom Neft's long-term issuer default ratings to positive from stable on the sovereign rating action.

Both companies' long-term foreign- and local-currency issuer default ratings were affirmed at BBB-.

Fitch said the outlook revision follows its similar rating action on Russia (BBB-/Positive) on Sept. 22. Gazprom's standalone rating is in the A rating category, and its issuer default rating is capped by that of the sovereign.

Gazprom Neft’s rating is aligned with that of Gazprom, due to strong legal ties between the two, the agency explained. Fitch added that it is likely to upgrade both Gazprom and Gazprom Neft to BBB if the sovereign is upgraded to that level.

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