Fitch gives Gaz Capital LPNs BBB

Fitch Ratings said it assigned Gaz Capital SA's loan participation notes a final senior unsecured BBB rating.

The CHF 500 million 2.85% notes due 2019 are the 34th series issued under Gaz Capital's $40 billion debt issuance program rated BBB.

Fitch said Gazprom's ratings reflect its strong operating profile. It accounts for 15% of the world's gas production and meets over a quarter of gas demand in Europe. It benefits from low uplift costs, and high reserve life and replacement rate.

Fitch said it believes that Gazprom's expected sales diversification into China and liquefied natural gas would enhance its business profile in the long term.

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