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Moody's rates Bashneft LPNs Ba2
Moody's Investors Service said it assigned a provisional Ba2 rating to the proposed U.S. dollar-denominated loan participation notes of Bashneft Capital SA.
The notes will be issued for the sole purpose of financing a loan to Joint Stock Oil Co. Bashneft under a loan facility agreement. Bashneft will use the proceeds from the loan for general corporate purposes.
The outlook is stable.
Moody's said the provisional ratings assigned to the proposed notes are derived from Bashneft's Ba2 corporate family rating and Ba2-PD probability of default rating. They reflect the relative strength of the company's business profile, which benefits from strong vertical integration and adequate leverage and cash flow metrics, the agency said.
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