S&P gives Gazprom notes BBB-

Standard & Poor's said it assigned its BBB- senior unsecured debt rating to the proposed loan participation notes to be issued by financial vehicle Gaz Capital SA for the sole purpose of financing a loan with matching terms and conditions to the OAO Gazprom (BBB-/stable).

"The rating on the notes reflects the corporate credit rating on Gazprom, because the note holders will only face Gazprom's credit risk," said S&P credit analyst Elena Anankina.

The agency noted that the ratings on Gazprom, in turn, are supported by the company's satisfactory business profile, with vast reserves, massive production, a solid 27% market share in Europe, vertical integration between gas production and transportation and high export gas prices that should underpin the company's performance in coming years.

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