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The Standard & Poor's transnational rating agency has confirmed long-term Gazprom rating at BB- with a stability forecast
It struck the Russian gas company off its CreditWatch list with a development forecast, the S&P says in a statement. The rating confirmation immediately followed Russian government offices' announcement of Gazprom-Rosneft merger cancelled, points out the agency. Standard & Poor's also rates as BB- Gaz Capital S.A. priority certificates. To confirm participation in a loan, the certificates are expected for issuance on a five billion dollar Gazprom borrowing program. The liabilities rating reflects the Gazprom corporate credit rating as the holders will have only the company's credit standing to rely on, explain S&P experts. "Merger cancellation spectacularly reduces hazards Gazprom has been facing with Rosneft's huge debts and small liquidity. This opinion of the S&P found reflection now in the Gazprom rating confirmed," said Elena Anankina, Standard & Poor's credit analyst. The agency proceeded from Gazprom's own evaluation of its credit standing. Moody's, another transnational rating agency, confirmed Gazprom ratings -- in particular, issuer's rating -- at Baa3, with positive forecasts, as soon as the merger abolition was announced, Moody's says in a website press release. The Russian government is true to its goal of enhancing its Gazprom block from present-day 38 per cent to more than a half -- even if practical tools it will use are not to follow the pattern of merger with the Rosneft petroleum major. Moody's proceeds from that governmental determination as it is confirming the ratings, reads the press release.
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