S&P Global Ratings withdraws TGC-1’s 'ruAA+' Russia national scale rating

05.06.2017

On September 26, 2016 an international agency Standard & Poor’s Global Ratings assigned TGC-1 long-term and short-term ratings ‘ВВ+/В’ according to the international scale with ‘stable’ outlook. Additionally, TGC-1 was rated ‘ruAA+’ according to the national scale.

From July 14, 2017, it will no longer be possible to use S&P’s national scale ratings for regulatory purposes due to the launch of new Russian regulations for the credit rating industry. Consequently, S&P’s Global Ratings decided to withdraw its Russia national scale ratings. Thus, as of June 2, 2017, TGC-1’s affirmed rating of 'ruAA+’ has been withdrawn.

The decision to withdraw the national scale ratings will not affect the global (international) credit ratings affirmed by the agency.

 

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 14,53 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.