ACRA assigns АА (RU) to TGC-1, outlook Stable


On 18 January 2018, the Analytical Credit Rating Agency (Joint Stock Company) – ACRA (JSC) – assigned AA credit rating with outlook Stable to TGC-1 according to the Russian national scale.

The credit rating of TGC-1 is determined by the following factors:

  • the adequate operating profile – TGC-1 is a leading electric and heat power supplier in the north-west of Russia;
  • high profitability due to new CHPPs and operation of HPPs;
  • strong liquidity due to the completed investment projects under the CSA programme.

The rating is restricted by the Company's medium business scale and regulatory risks. The rating is supported by a high likelihood of support from the key shareholder – PJSC Gazprom.

ACRA credit ratings reflect the opinion of ACRA on the ability of rated companies to fulfil their financial liabilities or certain financial liabilities and instruments in terms of credit risks.



TGC-1 is a leading producer and supplier of electricity and heat in the north-west of Russia. TGC-1 comprises 53 electric power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, the Leningrad and Murmansk Oblasts.

The installed electric power capacity of TGC-1 is 6.95 GW, heat capacity — 13.65 thousand. Gcal/h. Major Shareholders: Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%). The total headcount of the Company and its subsidiaries is about 7 thousand employees.