Moody's rates Gazprom notes Baa1

Moody's Investors Service said it assigned a provisional rating of Baa1 to the proposed CHF 400 million 19th tranche of loan participation notes to be issued by Gaz Capital SA, a finance vehicle of OJSC Gazprom.

The issue will be priced at 9% and will have a two-year maturity.

The outlook is stable.

Proceeds will be on-lent by Gaz Capital SA to Gazprom and will be used for general corporate purposes.

The agency said it believes that Gazprom enjoys sufficient headroom and financial flexibility to accommodate the additional debt within the Baa1 rating, based on its robust third-quarter results and expectations of the group's future operating performance and cash flow generation.

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