Moody's assigns Baa2 to Lukoil notes

Moody's Investors Service said it assigned a Baa2 backed senior unsecured rating to the planned senior unsecured dual-tranche dollar-denominated notes to be issued by Lukoil Capital DAC, a wholly-owned subsidiary of Lukoil, PJSC, which will guarantee the notes.

“The Baa2 rating assigned to the proposed notes is the same as Lukoil's long-term issuer rating, which reflects Moody's view that the proposed notes will rank pari passu with other outstanding unsecured debt of Lukoil,” the agency said in a press release.

Lukoil Capital DAC will lend the proceeds to Lukoil, which will use them for general corporate purposes. Therefore, the noteholders will rely solely on Lukoil 's credit quality to service and repay the debt.

Lukoil Capital DAC's outlook is stable, in line with Lukoil's outlook.

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