OREANDA-NEWS. Fitch Ratings has today assigned an expected 'BBB-' (BBB minus) rating to Gaz Capital S.A.'s issue of a fifth tranche under the existing USD15 billion loan participation note programme (rated 'BBB-' (BBB minus)), which relies on a senior unsecured liability of OAO Gazprom for repayment.

The final rating for this tranche will be assigned once the tenor, amount and currency of the issue are decided.

Fitch will continue to monitor Gazprom's operating performance, especially investments being made to address the declining production levels at the company's key mature fields. Another area of concern is the company's relatively high transport infrastructure construction costs.