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Moody's rates Novatek bonds Baa3
Moody's Investors Service said it assigned a provisional Baa3 rating to the upcoming debut eurobond to be issued in the form of loan participation notes by Novatek Finance Ltd. for the purpose of financing loans to OAO Novatek.
The outlook is stable.
Proceeds will be on-lent to Novatek and will constitute general unsecured and unsubordinated obligations of Novatek. Proceeds will be used by Novatek to finance its mergers and acquisitions, namely the acquisition of a 25.5% stake in OOO SeverEnergiya and a 51% stake in OAO Sibneftegas.
Novatek's Baa3 issuer rating is supported by the company's historically robust operational and financial performance, the agency said.
The agency said it has factored some flexibility into the ratings and expects the debt-to-EBITDA ratio to stay below 2.0x at any given point, the agency noted.
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