S&P credit analyst Yelena Anankina said the agency "expected Gazprom to benefit from a greater degree of state support as its links with the government become stronger, and in view of recent improvement in the sovereign credit rating."
Being a key structure in the strategically important energy sector, Gazprom holds strong positions in new oil and gas projects in Russia and has "substantial bargaining power in structuring consortiums for oil and gas projects with international partners." The company is also in a strong position to negotiate natural gas supply and transit contracts with neighboring countries, the agency said.
However, S&P said Gazprom still faced risks linked with conditions on developing markets and the political situation in Russia.
Anankina said Gazprom's rating could be upgraded further if the state boosted its support for the company or the energy giant improved its creditworthiness.
