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S&P rates Novatek notes BBB-
Standard & Poor's said it assigned a BBB- rating to proposed loan participation notes to be issued by Novatek Finance Ltd.
The proceeds will be used to fund a loan to OAO Novatek. The proceeds will be used to partly finance its acquisition of ZAO Nortgas, S&P said.
The rating on the notes is based on the pass-through of the economic benefit of the loan facility to the noteholders, the agency said. Novatek Finance is an orphan special-purpose vehicle whose activity is limited only to issuing notes and lending the proceeds to Novatek.
These features offset the fact that the noteholders will not have a direct claim on the cash flows or assets of Novatek or its subsidiaries, S&P said.
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