S&P rates Gazprom notes BBB

Standard & Poor's said it assigned the BBB long-term debt rating to a $500 million of 7.51% five-year loan participation notes by Gaz Capital SA, a financial vehicle of OAO Gazprom (BBB/stable).

S&P said the rating is supported by Gazprom's vast reserves, massive production, vertical integration and solid share on Europe's gas market, where the price outlook is very favorable.

Constraints include Gazprom's significant debt level, low prices in the domestic gas market and large investment appetite, the agency said.

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