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Fitch rates Gaz Capital LPNs BBB
Fitch Ratings said it assigned Gaz Capital SA's loan participation notes an expected senior unsecured BBB(EXP) rating.
The planned notes are the 30th and 31st series issued under Gaz Capital's $40 billion debt issuance program rated BBB by Fitch. Gazprom increased the size of the program from $30 billion.
The LPNs are issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom (BBB/stable). The proceeds from the loan are expected to be used by Gazprom for general corporate purposes.
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