Fitch rates Novatek bonds BBB-

Fitch Ratings said it assigned OAO Novatek's series 2, 3 and 4 domestic stock exchange bonds an expected local-currency senior unsecured rating of BBB- and an expected national senior unsecured rating of AA+(rus).

In September, Fitch said it affirmed OAO Novatek's long-term foreign- and local-currency issuer default and senior ratings at BBB-.

The development of the Yamal LNG project is a critical rating factor affecting Novatek's future business profile, which is expected to diversify production geographically and provide potential new marketing channels that enhance Novatek's business profile, the agency noted.

Fitch said it expects funds from operations-adjusted gross and net leverage not to exceed 1.4x.

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