Fitch rates Gaz Finance notes BBB

Fitch Ratings said it assigned Gaz Finance plc's planned euro-denominated senior unsecured loan participation notes a BBB senior unsecured rating. The notes are issued under Gaz Finance's €30 billion debt issuance program.

The LPNs will be issued on a limited recourse basis to fund loan to Gazprom (BBB/stable).

“The noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes. The LPNs are rated at the same level as Gazprom's issuer default rating (IDR) on the basis that the loan will represent an unsecured and unsubordinated obligation of the company,” Fitch said in a press release.

The proceeds from the loan are expected to be used by Gazprom for general corporate purposes.

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