(The following statement was released by the rating agency)
NEW YORK, June 03 (Fitch) Five-year credit default swaps (CDS)
on OJSC Gazprom
have tightened 27% since 5 May, dropping to the lowest spread
levels since early
March this year, Fitch Solutions says in its latest CDS case
"Improving CDS market sentiment for Gazprom is likely attributed
to a recent
deal between Russia and China for Gazprom to supply 38 billion
cubic metres of
gas a year to China National Petroleum Corporation," said Diana
Director, Fitch Solutions.
"Earlier this week, Gazprom confirmed it received a payment of
from Ukraine's Naftogaz for February and March supplies, which
perceived by the CDS market as a sign of renewed stability and
between the company and Ukraine's new government," Allmendinger
CDS liquidity has continued to increase for Gazprom, moving up
rankings since 1 May to trade in the 16th regional percentile,
making it more
liquid than 84% of the CDS reference entities in the region.
ongoing CDS market uncertainty over future pricing levels.
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