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. Last Updated: 07/27/2016

Gazprom Postpones Bond Sale

Gazprom postponed a planned sale of bonds Friday, prompting Fitch Ratings to withdraw assigned grades for the debt.

Fitch said it was withdrawing the ratings for Gazprom's bonds after the sale was postponed. The firm would have assigned Gazprom's debt a rating of BBB-, its lowest investment-grade rating, the company said in a statement Friday.

The sale of bonds by Gaz Capital SA, a unit of Gazprom, was to have comprised the 12th and 13th portions of debt from the company's bond issuance program, according to the ratings firm.

Gazprom was marketing a sale of 30-year bonds denominated in dollars last month, said a person familiar with the sale of the debt, who asked not to be identified. ABN Amro and Morgan Stanley were managing the sale of the debt for Gazprom.

A person familiar with the situation said the bond sale was being seen as next week's business, despite comments by Fitch that the sale had been postponed until later this year, Dow Jones reported later Friday.

Fitch also said it was withdrawing its BBB- rating from an earlier planned bond sale canceled by Rosneft.

More than 50 companies from U.S. carmaker Chrysler to Kohlberg Kravis Roberts' Alliance Boots postponed or reworked debt sales since mid-June as investors shunned riskier assets amid concern that U.S. subprime mortgage-related losses will spill into other parts of the debt markets.