ACRA affirmed AA (RU) to TGC-1, outlook Stable


On 15 January 2019, the Analytical Credit Rating Agency (ACRA) affirmed TGC-1 credit rating at AA according to the Russian national scale with outlook Stable.

The credit rating of TGC-1 is based on high profitability due to new CHPPs and operation of HPPs, low leverage and strong liquidity due to the completed key investment projects of the Company.

The rating is restricted by the Company's medium business scale, the quality of fixed assets, and regulatory risks. The rating is supported by a high likelihood of support from Gazprom, the major shareholder of the Company

The Stable outlook assumes that the rating will most likely stay unchanged within the 12 to 18-month horizon.    


TGC-1 is the leading producer of electricity and heat in the North-West region of Russia. It operates 53 electric generating stations in four regions of Russia: St. Petersburg, Republic of Karelia, Leningrad Oblast, and Murmansk Oblast.

Installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13,75 thous. GCal/hr. Major shareholders are Gazprom Energoholding LLC (51.79 %) and Fortum Power and Heat Oy (29.45 %). Total headcount of the Company, including subsidiaries, totals circa 7 thousand.