MOSCOW, Sep 28 (PRIME) -- Global rating agency Fitch Ratings has revised the outlook on Russian gas giant Gazprom and oil major Gazprom Neft’s long-term issuer default ratings (IDR) to positive from stable, the agency said on Thursday.
Fitch has affirmed both companies’ long-term foreign- and local-currency IDRs at BBB-.
Fitch said the outlook revision follows its similar rating action on Russia on September 22.
“Its ratings reflect our expectations that Gazprom will remain a vital gas supplier to Europe assuming its low-cost position, despite intensifying competition with liquefied natural gas,” Fitch said.
The agency expects Gazprom’s exports to marginally exceed 190 billion cubic meters in 2017, mainly due to growing demand due to favorable weather conditions and higher coal prices resulting into more demand for gas.
Fitch said it is likely to upgrade both Gazprom and Gazprom Neft to BBB if the sovereign is upgraded to that level.
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