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

On 13 January 2020, 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 the Company's adequate market position, good business profile and corporate governance, good geographical diversification and business profitability, low leverage, and good liquidity.

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

About

TGC-1 (part of the Gazprom Energoholding Group) is a leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts.

TGC-1 installed electric capacity of the Company’s stations amounts to 6.9 GW and heating capacity of 13.5 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).