OREANDA-NEWS. Fitch Ratings has today assigned an expected 'BBB-' (BBB minus) rating to Gaz Capital S.A.'s issues of the sixth and seventh tranches under the existing USD15 billion loan participation note programme (rated 'BBB-' (BBB minus)).

The bonds rely on a senior unsecured liability of OAO Gazprom for repayment. The final ratings for these tranches will be assigned once the tenor, amount and currency of the issues are decided.

Fitch expects the proceeds to be used for general corporate purposes as well as refinancing of maturing debt.