Gaz Capital S.A. -- Moody's assigns Ba1 rating to Gazprom's LPNs; review for downgrade

London, 14 March 2016 -- Moody's Investors Service (Moody's) has today assigned a Ba1 rating,with a loss given default assessment of LGD4 (50%), to the proposed senior unsecured CHF loan participation notes (LPN) to be issued by, but with limited recourse to, Gaz Capital S.A. (Gaz Capital, Ba1 on review for downgrade), a limited liability company incorporated in Luxembourg. Gaz Capital will in turn on lend the proceeds to Gazprom, PJSC (Gazprom, Ba1 on review for downgrade) and therefore the noteholders will rely solely on Gazprom's credit quality to service and repay the debt. The rating is on review for downgrade.

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