LONDON, Sept. 8 - The launch of the first stretch of the Russian-German Nord Stream gas pipeline could have consequences for the financial and operation profiles of several issuers, including Ukraine’s Naftogaz Ukrayiny, the ratings agency Fitch says.

This factor is generally built into the ratings of those issuers.

"OAO Gazprom (Gazprom, 'BBB'/Positive) is expected to benefit from the additional diversification of gas transportation routes to western Europe beyond the current pipelines running through Ukraine (and then across Slovakia) and through Belarus (and then via Poland). The cost of Nord Stream is expected to be around EUR7.4 billion, funded through project finance and with a limited impact on Gazprom's credit metrics," Fitch said.