Fitch also affirmed Gazprom's local and foreign currency issuer default ratings, and senior unsecured ratings at 'BBB-' (BBB minus).
"The revised Outlook is based on government support for a plan proposed by the industry and energy ministry to liberalize the country's power and gas prices by 2011 in a bid to raise energy efficiency," the agency said in a news release.
Russian Industry and Energy Minister Viktor Khristenko said last week: "We plan for 100% liberalization of gas prices and of the electric power market by 2011."
The minister also said domestic gas prices will be based on an average export price, but will be at least 40% below the global market rate, as it will not include exports duties and logistics expenses.
Fitch said the positive outlook for Gazprom, which produces 86% of the country's natural gas, controls 25% of the world's gas reserves and makes up around 7% of Russian GDP and 11% of federal budget revenues, reflects prospects for improving its business profile and its financial results as a result of the gradual liberalization of domestic gas prices as of 2008.
Fitch forecasts the revised domestic price to increase Gazprom's top line revenue roughly by $43 billion, and EBITDAR by $15 billion over the next five years, if oil prices remain $50-$60 per barrel by 2010-2011.
If oil prices fall to around $40 per barrel, Gazprom's top line revenues and EBITDAR in the same period are expected to rise $29 billion and $10 billion, respectively.
