Fitch rates Gas 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 35th series euro-denominated notes to be issued under Gaz Capital's BBB-rated $40 billion debt issuance program.

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 noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes.

Fitch said Gazprom's ratings reflect its expectations that in the medium-term it will continue benefiting from at least flat European gas sales under long-term contracts with gas prices largely linked to those of oil products.

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