Fitch rates Gazprom notes BBB

Fitch Ratings said it assigned Gaz Capital SA's proposed loan participation notes issue an expected BBB rating. Gaz Capital is issuing the notes to finance a loan to OAO Gazprom, rated BBB with stable view. The rating is contingent upon receipt of final documents.

The funds raised are expected to be used for general corporate purposes. The noteholders will rely solely on Gazprom's credit and financial standing for the payment obligations under the notes. The notes will be issued under Gaz Capital's $30 billion debt issuance program, which is rated BBB.

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