MOSCOW, November 20 (RIA Novosti) - Fitch Ratings has assigned its final "BBB-" (BBB minus) ratings to Russian energy giant Gazprom's [RTS: GAZP] Eurobonds, the international rating agency said in a statement Monday.
Fitch assigned the ratings to the issues by Gaz Capital S.A., a Luxembourg-based subsidiary of Gazprom, of the 6th issue worth 500 million euros (around $640 million), maturing in 2007, and the $1.35-billion 7th issue, maturing in 2016, under the $15 billion loan participation note program (also rated "BBB-"), which relies on a senior unsecured liability of Gazprom for repayment.
Fitch's local and foreign currency issuer default ratings for Gazprom, which produces 86% of the country's natural gas, controls 25% of the world's gas reserves and makes up around 7% of Russian GDP and 11% of federal budget revenues, also stand at "BBB-" (BBB minus), with a stable outlook.
