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Special-Purpose Vehicle Novatek Finance Proposed Loan Participation Notes Rated 'BBB-'

December 6, 2012 Standard & Poor's
STOCKHOLM (Standard & Poor's) Dec. 6, 2012--Standard & Poor's Ratings Services said today that it had assigned its 'BBB-' issue rating to proposed loan participation notes to be issued by special-purpose vehicle (SPV) Novatek Finance Ltd.

The proceeds will be used to fund a loan to Russia-based OAO NOVATEK (BBB-/Stable/--). We understand that OAO NOVATEK will use the proceeds to partly finance its acquisition of ZAO Nortgas.

The rating on the notes is based on the pass-through of the economic benefit of the loan facility to the noteholders. Novatek Finance is an orphan SPV whose activity is, we understand, limited only to issuing notes and lending the proceeds to OAO NOVATEK. These features offset the fact that the noteholders will not have a direct claim on the cash flows or assets of OAO NOVATEK or its subsidiaries.
  • Full name
    Novatek Finance Limited
  • Registration country
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