OREANDA-NEWS. Standard & Poor's Ratings Services said today it raised its corporate credit rating on JSC Gazprom Neft, a Russian vertically integrated oil company 76% owned by OAO Gazprom (Gazprom; BBB-/Stable/--), to 'BB+' from 'BB', following the upgrade of its parent Gazprom.

At the same time, the national scale rating on Gazprom Neft was raised to 'ruAA+' from 'ruAA'. The outlook is stable.

The rating action on Gazprom Neft retains the one-notch difference with the parent. Gazprom Neft is Gazprom's key strategic oil subsidiary and is likely to be considered subject to cross default on Gazprom's MTNs, which increases Gazprom's economic incentive to support the company if needed.

The future rating evolution will largely depend on the rating of Gazprom and on Gazprom Neft's role in the group.