Moody’s rates Gazprom LPNs Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed senior unsecured CHF loan participation notes (LPNs) to be issued by, but with limited recourse to, Gaz Capital SA (Baa3 positive).

Gaz Capital will in turn on-lend the proceeds to Gazprom, PJSC (Baa3 positive) for general corporate purposes. Therefore, the noteholders will rely solely on Gazprom's credit quality to service and repay the debt.

Moody’s said the Baa3 rating assigned to the notes is the same as Gazprom's long-term issuer rating, which reflects the agency’s view that the proposed notes will rank pari passu with other outstanding unsecured debt of Gazprom.

The rating is also on par with the Russian government's foreign-currency bond country ceiling.

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