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Published on 10/6/2015 in the Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.

Fitch rates Gazprom notes BBB-

Fitch Ratings said it assigned an expected senior unsecured rating of BBB- to Gaz Capital SA’s loan participation notes.

The planned notes are the 37th series to be issued under Gaz Capital’s $40 billion debt issuance program, which has a BBB- rating.

The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to PJSC Gazprom, Fitch said.

Proceeds from the loan are expected to be used for general corporate purposes, the agency said.

The noteholders will rely solely on Gazprom’s credit and financial standing for the payment of obligations under the notes, Fitch said.

The ratings reflect expectations that the company will remain a vital gas supplier to Europe over the medium term, the agency said.

European off-takers are still limited in their ability to diversify pipeline gas imports at a time when Europe is coping with declining indigenous gas production, Fitch said.


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