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. Last Updated: 07/27/2016

Moody's Cuts Gazprom to Match Russia

Moody's Investors Service said Friday that it cut Gazprom's debt rating one level to Baa1, the third-lowest investment grade, to match Russia's sovereign rating.

"Movements in oil and gas prices and changes in the health of the Russian economy are factors similarly impacting the fortunes of both parties," Moody's said in a statement. "Moody's therefore no longer believes it is appropriate to assign a rating to Gazprom higher than that of the Russian Federation's rating of Baa1."

Moody's hasn't lowered Russia's rating since the global financial crisis reached the country.

Any change in Russia's rating would lead to a similar change in Gazprom's, Moody's said. The outlook for both Russia and the gas export monopoly is stable.