Moody's rates Novatek notes Baa3

Moody Investors Service said it assigned a definitive Baa3 rating to the $1 billion worth of 4.422% loan participation notes due 2022 to be issued by Novatek Finance Ltd., an orphan special purpose vehicle incorporated as a limited liability company under the laws of Ireland, for the sole purpose of on-lending the proceeds to OAO Novatek under loan agreements between the borrower and the issuer.

The outlook is stable.

Moody's said the rating is in line with Novatek's Baa3 issuer rating, which reflects: (a) A track record of production growth to be supported by geographical, product and customer diversification; (b) strengthening domestic market positions due to acquisitions and new contracts; (c) low finding and development costs and strong financial metrics; and (d) executions risks pertaining to the company's ambitious Yamal liquefied natural gas project.

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