Fitch: Gaz Capital notes BBB-

Fitch Ratings said it assigned an expected senior unsecured BBB- rating to Gaz Capital SA's loan participation notes.

The planned notes are the 39th series to be issued under Gaz Capital's $40 billion debt issuance program.

The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to PJSC Gazprom, Fitch said.

The proceeds are expected to be used by Gazprom for general corporate purposes, the agency said.

The noteholders will rely solely on Gazprom's credit and financial standing for the payment of obligations under the notes, Fitch said.

The notes 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, the agency said.

Gazprom is Russia's largest state-owned energy company, Fitch said.

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