Moody's said the rating reflects the agency's view that the economic drivers of the financial profiles of Gazprom and the Russian state are strongly correlated, meaning the state-controlled energy company could not have a higher rating than the state itself.
"In particular, 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.
The agency also noted the "inherent strength of Gazprom's business, leading market positions and financial wherewithal tempered by other factors including support for the lower rated bank as well as other challenges associated with operating in Russia."
In its previous rating adjustment for Gazprom, Moody's on December 15 changed the outlook from stable to positive reflecting the change in the outlook on the Baa1 rating of Russia to stable from positive.
The stable rating, nonetheless, portrays Russia's firm credit position, and shows that Russia is holding a favorable position compared with other countries that are also in the Baa rating.
