S&P rates Novatek notes BBB-

Standard & Poor's said that it assigned Novatek Finance Ltd.'s proposed loan participation notes a preliminary BBB- issue rating.

The proceeds will be used to fund a loan to OAO Novatek (BBB-/negative). Novatek will use the proceeds to finance the acquisition of SeverEnergia and for general corporate purposes.

The rating is based on the pass-through of the economic benefit of the loan facility to the noteholders, S&P said.

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