Moody’s gives Ba1 to Gazprom LPNs

Moody's Investors Service said it assigned a Ba1 rating with a loss given default assessment of LGD4 to the proposed senior unsecured euro loan participation notes (LPNs) to be issued by, but with limited recourse to, Gaz Capital SA (Ba1 stable).

Gaz Capital will in turn on-lend the proceeds to Gazprom, PJSC (Ba1 stable) for general corporate purposes. Therefore, the noteholders will rely solely on Gazprom's credit quality to service and repay the debt.

"The Ba1 rating assigned to the notes is the same as Gazprom's corporate family rating because the notes will rank on par with the company's other outstanding unsecured debt," Denis Perevezentsev, Moody's vice president, senior credit officer and lead analyst for Gazprom, said in a news release.

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