Fitch: Gaz Capital LPNs BBB

Fitch Ratings said it assigned Gaz Capital SA's loan participation notes an expected senior unsecured BBB(EXP) rating.

The planned notes are the 32nd series to be issued under Gaz Capital's $40 billion debt issuance program rated BBB.

Fitch said the LPNs are issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to OAO Gazprom. Gazprom is expected to use the proceeds from the loan for general corporate purposes.

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