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).


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.