Moody's rates GPN notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the proposed $10 billion loan participation notes program to be issued by, but with limited recourse to, GPN Capital SA.

The notes will be issued in series for the sole purpose of financing loans to Gazprom Neft JSC.

The outlook is stable.

Moody's said the assigned rating on the notes is the same as the issuer rating of Gazprom Neft. Moody's ranks the proposed notes pari passu with other unsecured debt of Gazprom Neft.

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