Moody's gives Gaz Capital LPNs Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the proposed series 33 loan participation notes issuance to be launched by Gaz Capital SA, which will on-lend the proceeds to OJSC Gazprom.

The outlook is stable.

The notes will be denominated in pound sterlings. The notes issuance will be executed as part of the framework of Gazprom's rated $40 billion loan participation notes program.

Given that the proceeds from the issuance will be on lent by Gaz Capital SA to Gazprom, the noteholders are relying solely on Gazprom's credit quality to service and repay the debt.

The obligation of Gazprom will rank senior unsecured and will be pari passu with other senior unsecured obligations of the company.

Gazprom will use the funds for general corporate purposes, including a partial refinancing of upcoming debt maturities.

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