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Fitch assigns BBB- to Gazprom note program issue

MOSCOW, March 2 (RIA Novosti) - Fitch has assigned final BBB- ratings to 500 million euro and $1.3 billion loan participation notes, issued by Gaz Capital S.A., a subsidiary of Russian energy giant Gazprom [RTS: GAZP], the international ratings agency said Friday.

"The notes are issued under its existing $15 billion loan participation note program," the agency said in a news release.

The euro-denominated notes, due in 2017, have an annual coupon of 5.44% and the dollar-denominated notes, due in 2022, have an annual coupon of 6.51%.

The notes rely on a senior unsecured liability of Gazprom for repayment.

Gazprom produces 86% of Russia's natural gas and controls 25% of the world's gas reserves. The state-controlled company accounts for 7% of the country's GDP and some 11% of federal budget revenues.

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