S&P rates Gaz Capital notes BB+

S&P said it assigned a BB+ long-term debt rating to a proposed issue of loan participation notes by Gaz Capital SA, a financing vehicle of Russian state-controlled gas company Gazprom PJSC.

The notes are to be issued within the framework of Gazprom's $40 billion European medium-term note program, the agency said.

The rating on the notes mirrors the long-term foreign-currency corporate credit rating on Gazprom because noteholders have direct access to the company and effectively face only Gazprom's credit risk, S&P said.

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