Fitch gives Gazprom notes BBB

Fitch Ratings said it has assigned Gaz Capital SA's $1.25 billion of 8.125% loan participation notes due July 31, 2014 and €850 million of 8.125% LPNs due Feb. 4, 2015 final senior unsecured ratings of BBB, respectively.

The notes represent the 21st and 22nd series issued under Gaz Capital's $30 billion debt issuance program rated BBB, the agency noted.

According to the agency, the LPNs were issued for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom (BBB/negative) and the proceeds from the loan are expected to be used for debt refinancing and other general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.