Fitch rates Gaz Capital notes BB+

Fitch Ratings said it assigned an expected BB+ rating to Gaz Capital SA's issue of a fourth tranche under the existing loan participation note program, also rated BB+, which relies on a senior unsecured liability of OAO Gazprom for repayment.

Additionally, Gazprom has increased the size of its debt issuance program to $15 billion from $5 billion.

Gazprom recently acquired a 73% stake in Sibneft for $13.1 billion via the company's subsidiary Gazprom Finance BV, registered in the Netherlands. Fitch said proceeds from this issuance will not be used as part of the acquisition funding, but for part of the group's budgeted capital expenditure.

The acquisition will diversify the company's operations and have a minimal impact on credit ratios, the agency said.

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