Fitch confirms Novatek at BBB-

Fitch Ratings said it affirmed OAO Novatek's long-term foreign currency issuer default ratings at BBB- with a stable outlook.

Novatek's BBB- rating reflects its strong business profile as Russia's second-largest natural gas producer and exporter of stable gas condensate and other liquids, its relatively low price risks untypical for the industry, and manageable debt load.

The ratings also reflect Novatek's medium operational scale, country risks due to its concentration in Russia and uncertainties about how its Yamal LNG megaproject will be financed, Fitch said.

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