S&P rates Gazprom LPNs BB+

S&P said it assigned a BB+ long-term debt rating to Gaz Capital SA’s proposed issue of loan participation notes (LPNs), the 44nd series to be issued within the framework of Gazprom's $40 billion European medium-term note program.

The agency said it understands that the LPNs are backed by senior unsecured obligations of Gazprom with equivalent payment terms, and that Gaz Capital is a strategic financing entity for Gazprom set up solely to raise debt on behalf of the Gazprom group.

“We believe that Gazprom is willing and able to support Gaz Capital to ensure full and timely payment of interest and principal when due on the LPNs, including payment of any expenses of Gaz Capital,” S&P said in a news release.

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