Fitch affirms Gazprom

Fitch Ratings said it affirmed PJSC Gazprom's long-term foreign currency issuer default rating at BBB- with a positive outlook.

Gazprom's issuer default rating is capped by that of Russia (BBB-/positive), the energy company's controlling shareholder, the agency said.

“We assess the standalone rating of Gazprom at A- taking into account its strong operational and financial profiles as well as country-specific and corporate governance risks,” Fitch said in a news release.

“We are likely to upgrade Gazprom's IDR to BBB if the sovereign is upgraded.”

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