Fitch gives Gazprom notes BB

Fitch Ratings said it assigned Gazstream SA's $646.5 million amortizing loan participation notes maturing in 2013 a BB rating.

The loan participation notes are being issued for the purpose of funding loans to OAO Gazprom and Blue Stream Pipeline BV, Fitch said, noting that the loan to Blue Stream Pipeline Co. NV is unconditionally and irrevocably guaranteed by OAO Gazprom (BB, Watch positive).

Fitch said the average life of the loan participation notes is 3.8 years and it will continue to closely monitor Gazprom's total leverage and operating performance, specifically its heavy reliance on natural gas export prices.

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