Fitch rates Gazprom notes BBB

Fitch Ratings said it assigned Gaz Finance plc's dollar-denominated loan participation notes an expected senior unsecured BBB rating. The planned notes are the first series to be issued under Gaz Finance's €30 billion debt issuance program.

The notes are issued on a limited recourse basis for the sole purpose of funding a loan from Gaz Finance to Gazprom PJSC. The proceeds from the loan are expected to be used by Gazprom for general corporate purposes.

The noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes. The new bond issuance program will diversify Gazprom's access to capital markets and update the terms and conditions of the bonds issued.

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