Gaz Capital's proposed notes issue rated '(P)A3', outlook stable - Moody's |
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Published
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Tue, 30 Oct 2007 12:23
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has provisionally rated Gaz Capital SA's proposed loan participation notes '(P)A3', proceeds of which will be on-lent to OJSC Gazprom for general corporate purposes.The yen-denominated notes will be placed within the framework of 30 bln usd loan participation notes programme Moody's said, adding notes holders are relying solely on Gazprom's credit quality to service and repay the debt.Moody's has a stable outlook on the rating and said it will assign a definitive rating after a conclusive review of the transaction and associated documentation.The ratings agency said Gazprom -- the world's largest gas company -- being a government-related issuer, the ratings factor in high implied state support and the company's medium dependence.Moody's said it believes Gazprom has sufficient headroom and financial flexibility to accommodate the additional debt within the current 'A3' rating.TFN.newsdesk@thomson.comapm/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Stone Energy's notes rating upgraded; outlook raised to stable - Moody's 