Moody's rates Gaz Capital note Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed series 5 loan participation notes to be issued by Gaz Capital SA for the sole purpose of financing a loan to Russia-based OJSC Gazprom.

The outlook is stable.

The agency said the rating for the notes is equivalent to the senior unsecured issuer rating of Gazprom, given that noteholders will rely solely on Gazprom's credit quality to service and repay the debt.

Gazprom's Baa1 rating reflects its baseline credit assessment in the range of 11-13, the Baa2 local-currency rating of the Russian government and Gazprom's low dependence on and high support from the government, Moody's said.

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