Moody's rates Gazprom notes Baa3

Moody's Investors Service said it assigned a prospective Baa3 rating to Gaz Capital SA's proposed loan participation notes. The outlook is positive.

The rating is equivalent to the senior unsecured issuer rating of OJSC Gazprom, given that Gaz Capital is issuing the notes for the sole purpose of financing a loan to Gazprom under a $5 billion program and therefore noteholders are relying solely on Gazprom's credit quality to service and repay the debt.

Moody's said Gazprom's ratings incorporate uplift from the Russian sovereign and reflect the increasing strategic importance of the company to the Russian economy and the future development of Russia's energy policy.

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