Fitch rates Gazprom notes BBB-

Fitch Ratings assigned expected ratings of BBB- to Gazprom International SA's $1 billion structured export fixed-rate notes due August 2019.

The expected ratings are contingent on receipt of documents conforming to information already received and finalized legal opinions from transaction counsel.

Fitch said its expected rating addresses the likelihood that cash flows generated by the assigned receivables will be sufficient to make timely interest payments and ultimate principal repayments on the notes over the life of the transaction. This is based in part on stresses applied to gas prices, based on historical data, as well as delivery volumes below the minimum contractual amounts.

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