NEW YORK (TheStreet) -- Shares of Gazprom OAO (OGZPY) were downgraded today by Standard & Poor's Ratings Services because of its ties to the Russian government.
The stock is currently up 3.15% to $7.20
The ratings were lowered to match the sovereign debt rating of Russia, which were dropped last week to BBB-, the lowest investment grade rating, the Wall Street Journal reported.
Analysts at S&P said the downgrade to Gazprom and five other government-related entities was due to the "expectation of extraordinary government support or negative intervention by the government," for those entities.
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