MOSCOW (Sputnik) — Russia's Gazprom is expected to keep its credit rating at the current BBB- level whatever the results of an EU Competition Commission investigation will be, Fitch Rating Agency said Tuesday.
The European Union's investigation is likely to take years to complete, according to the company.
"The final outcome is unpredictable, but our scenario analysis suggests any changes are by themselves unlikely to threaten Gazprom's 'BBB-'/Negative rating," the statement said.
The agency added that the investigation may trigger a trend toward market-based pricing.
"The most likely outcome is further reduction of oil-linked pricing in eastern Europe, which represents less than 30% of Gazprom's European gas sales. This will bring pricing more into line with north-west Europe, where hub-based pricing dominates," Fitch added.
The statement contained interim conclusions on an investigation opened in August 2012. The formal proceedings concerned Estonia, Latvia, Lithuania, Poland, Hungary, Czech Republic, Slovakia and Bulgaria.
The Commission accused the Russian energy company of abusing its dominant market position and violating EU antitrust legislation.
According to the Russian Energy Ministry, Russia expects that the case will be settled through consultations.
