S&P Global Ratings affirmed long-term ratings of TGC-1 at 'ВВ+' level

On 27 February 2018, Standard & Poor’s Global Ratings affirmed TGC-1 long-term and short-term credit ratings at 'ВВ+/B' level with 'positive' outlook.

Following the upgrade of the sovereign ratings on Russia on 23 February 2018, the rating agency reviewed rating on TGC-1 parent company, PJSC Gazprom, and raised it by one notch.

Standard & Poor’s Global Ratings forecasts the possibility of raising the rating on TGC-1, which would depend on the company’s performance relative to peers’, solid financial metrics, prudent liquidity management, and more clarity on company’s future financial policy (notably regarding potential CAPEX projects).

About

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.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13.65 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.