Fitch rates Gazprom notes BBB

Fitch Ratings said it assigned Gaz Capital SA's $2.25 billion 9 ¼% loan participation notes due April 23, 2019 a final senior unsecured BBB rating. The notes are the 20th series issued under Gaz Capital's $30 billion debt issuance program rated BBB.

The notes were issued for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom (rated BBB with negative view) with the purpose of refinancing.

The noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes, Fitch said.

Fitch Ratings said it also assigned Gaz Capital SA's CHF500 million 9% loan participation notes due April 23, 2011 a final senior unsecured BBB rating. The notes are the 19th series issued under Gaz Capital's $30 billion debt issuance program.

The notes were issued for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom (rated BBB with negative view). The proceeds from the loan are expected to be used for general corporate purposes. The noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes, Fitch said.

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