Fitch rates Gazprom notes BBB

Fitch Ratings said it assigned Gaz Finance plc's proposed U.S. dollar-denominated senior unsecured loan participation notes a rating of BBB.

The LPNs will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Finance to PJSC Gazprom (BBB/stable). The proceeds from the loan are expected to be used by Gazprom for general corporate purposes.

The LPNs are rated at the same level as Gazprom's issuer default rating on the basis that the loan will represent an unsecured and unsubordinated obligation of the company, Fitch said.

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