(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 study. "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 Allmendinger, Director, Fitch Solutions. "Earlier this week, Gazprom confirmed it received a payment of USD786.3 million from Ukraine's Naftogaz for February and March supplies, which is potentially perceived by the CDS market as a sign of renewed stability and mending relations between the company and Ukraine's new government," Allmendinger added. CDS liquidity has continued to increase for Gazprom, moving up eight percentile 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. This signals ongoing CDS market uncertainty over future pricing levels. Fitch Solutions case studies build on data from its CDS Pricing Service and proprietary quantitative models, including CDS Implied Ratings. These credit risk indicators are designed to provide real-time, market-based views of creditworthiness. As such, they can and often do reflect more short term market views on factors such as currencies, seasonal market effects and short-term technical influences. This is in contrast to Fitch Ratings' Issuer Default Ratings (IDRs), which are based on forward-looking fundamental credit analysis over an extended period of time. Additional information about Fitch Solutions' products is available in the link below: here detail=130 Contact: Diana Allmendinger Director +1 212-908-0848 Fitch Solutions, 33 Whitehall Street, New York, NY 10004 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: firstname.lastname@example.org; Sandro Scenga, New York, Tel: +1 212-908-0278, Email: email@example.com. Fitch Solutions, a division of the Fitch Group, focuses on the development of fixed-income products and services, bringing to market a wide range of data, analytical tools and related services. The division is also the distribution channel for Fitch Ratings content. Fitch Ratings and Fitch Solutions are part of the Fitch Group, a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation. For additional information, please visit 'www.fitchsolutions.com'; 'www.fitchratings.com'; 'www.fimalac.com' and 'www.hearst.com'.