In May-June 2020, international ratings agencies S&P Global Ratings, Moody's Investors Service and Fitch Ratings affirmed Gazprom's long-term credit ratings as part of their annual reviews.

As before, all these ratings are investment-grade with a stable outlook. The S&P (ВВВ-) and Fitch (BBB) ratings correspond to the sovereign credit rating of the Russian Federation, while the rating assigned by Moody's (Baa2) is a notch higher.

This shows that the agencies consider Gazprom's creditworthiness to be excellent even amid the instability at energy markets.

During their decision-making, the agencies took into consideration the fundamental competitive advantages of the Gazprom Group, its moderate debt load, free access to international capital markets, and a significant liquidity cushion coupled with a continuously steady position in Europe's gas market, which is key for the Company.

In addition, Gazprom maintains the highest credit ratings assigned by Russia's ACRA (ААА (RU)) and China's Dagong (AAA).