Fitch rates Gazprom notes BBB-

Fitch Ratings said it assigned Gaz Capital SA's series 13 issue an expected BBB- rating. The notes will be issued under the existing $30 billion loan participation note program, which is rated BBB-.

The noteholders will rely solely on the credit and financial standing of OAO Gazprom (long-term issuer default rating of BBB- with positive outlook) for repayment. The final rating is contingent upon receipt of final documents.

In July, Fitch affirmed the rating of the euro medium-term note program at BBB- following the increase in the size of the program to $30 billion from $15 billion.

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