Moody's rates Gazprom notes Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to Gazstream SA's proposed loan participation notes.

The outlook is positive.

Gazstream is issuing the Notes for the sole purpose of financing loans to OJSC Gazprom and Blue Stream Pipeline Co., which will in turn use the proceeds to refinance existing debt facilities, Moody's said.

The agency noted that Gazprom's Baa2 debt ratings are determined by Moody's joint-default analysis for government-related issuers.

Moody's said the positive outlook reflects that of Russia's sovereign rating.

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