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S&P assigns Transneft note BBB+
Standard & Poor's said it assigned its BBB+ long-term debt rating to the proposed senior unsecured note issue by TransCapitalInvest Ltd. for the sole purpose of financing a loan to OAO AK Transneft (BBB+/stable).
The amount and terms of the issue will be determined at placement, the agency said, noting that ransneft will use the funds to finance its major multibillion dollar oil pipeline project, Eastern-Siberia-Pacific-Ocean.
"The rating on the notes is the same as the corporate credit rating on Transneft because the notes are secured by a charge over all Transneft's principal and interest payments in favor of the trustee for the benefit of the noteholders, so that the noteholders will essentially face Transneft's credit risk," said S&P credit analyst Elena Anankina.
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