Fitch rates Gazprom notes BBB

Fitch Ratings said it assigned an expected BBB senior unsecured rating to Gaz Capital SA's proposed loan participation notes, which will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom (BBB/negative).

The notes will be the 20th series issued under Gaz Capital's $30 billion debt issuance program, the agency said, and the proceeds from the loan are expected to be used for refinancing purposes.

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