Moody's assigns Gaz Capital notes A3

Moody's Investors Service said it assigned a provisional rating of A3 to the proposed loan participation notes issue to be launched shortly by Gaz Capital SA.

The agency said that the notes will be denominated in Japanese yen and will be placed within the framework of $30 billion loan participation notes program.

Moody's added that the issuer will enter into currency swap agreements with a number of banks and proceeds from the issue will be on-lent in dollars to OJSC Gazprom for general corporate purposes.

Based on Gazprom's robust 2006 results and Moody's current expectations of the group's future operating performance and cash flow generation, the agency said it believes that Gazprom enjoys sufficient headroom and financial flexibility to accommodate the additional debt within the current A3 rating.

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