Fitch rates Gaz Capital notes BBB

Fitch Ratings said it assigned Gaz Capital SA's proposed loan participation notes an expected senior unsecured BBB rating. The notes will be the 23rd series issued under Gaz Capital's $30 billion debt issuance program rated BBB.

The rating is contingent upon the receipt of final documents and additional details regarding the amount and tenor.

The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom, which has BBB ratings and a stable view. 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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