OREANDA-NEWS. Fitch Ratings has today assigned a final 'BBB-' (BBB minus) rating to Gaz Capital S.A.'s EUR500 million maturing in 2017 and USD1.35 billion issues maturing in 2016.

This is the sixth and seventh tranche under the existing USD15bn loan participation note programme (also rated 'BBB-' (BBB minus)), which relies on a senior unsecured liability of OAO Gazprom for repayment. Fitch's local and foreign currency issuer default ratings ("IDR") for OAO Gazprom are 'BBB-' (BBB minus)) with a Stable Outlook.

Gazprom is Russia's largest company, producing 86% of the country's natural gas (547.9 bcm in 2005) and controlling 25% of the world's gas reserves. The company makes up approximately 7% of Russian GDP and around 11% of federal budget revenues.