Fitch announces long-term rating of Gazprom

The international rating agency Fitch has affirmed the long-term issuer default rating (IDR) of Gazprom in foreign currency at the level of «BBB-» with a negative outlook.

According to the Fitch’s press release, the rating of the holding company is limited with the rating of the Russian Federation, which is also at the level «BBB-» with a negative outlook.

This rating of the Russian gas giant shows that in the medium term, the agency sees Gazprom the most important supplier of natural gas to the European Union. However, Fitch will be able to revise its rating downwards, if there is a drop in the volume of the gas supplies to the EU or regular long-term outages begin. The rating can be increased only in case of improvement of the relations with the West.