Moody's rates Gazprom notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to Gaz Capital SA's proposed series 6 and series 7 loan participation notes.

The outlook is stable.

The rating is equivalent to the senior unsecured issuer rating of Russia-based OJSC Gazprom, given that Gaz Capital is issuing the notes for the sole purpose of financing a loan to Gazprom under a $15 billion program.

Moody's said Gazprom is rated in accordance with the agency's methodology for government-related issuers, whereby the Baa1 rating reflects factors that include the Baa2 local-currency rating of the Russian government, the company's low dependence on the government and the high support it receives from the government.

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