Moody's rates Gazprom notes A3

Moody's Investors Service said it assigned an A3 rating to the proposed $500 million five-year loan participation notes launched by Gaz Capital SA in the 18th tranche.

The outlook is positive.

Proceeds will go to OJSC Gazprom for general corporate purposes.

Ratings incorporate high implied state support and the company's medium dependence, the agency said.

Based on Gazprom's robust 2007 results and Moody's 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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