Moody's rates Gaz Capital notes Baa1

Moody's Investors Service said it assigned a preliminary Baa1 rating to Gaz Capital SA's proposed series 4 loan participation notes to be issued under its $15 billion program.

The outlook is stable.

The rating is based wholly on the creditworthiness of OJSC Gazprom, given that Gaz Capital is issuing the notes for the sole purpose of financing a loan to Gazprom.

The ratings of Gazprom reflect Gaz's baseline credit assessment of 5 (on a scale of 1 to 6, where 1 represents lowest credit risk), the Baa2 local currency rating of the Russian government, Gaz's low dependence on the government and the high support it receives from the government.

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