ACRA Affirmed TGC-1 АА+ (RU) Rating, Forecast “Stable”

27 December 2021

On December 27, 2021 analytic credit rating agency (ACRA) affirmed АА+ Russian Federation national scale rating for TGC-1, forecast “Stable”.

The credit rating is based upon adequate market position, good business-profile, corporate governance, geographic diversification, high profitability, low debt factor and high liquidity.

The agency assumes that the credit rating is constrained by medium scale of the business and regulatory risks, and it is aided by possible support from Gazprom.

Forecast “Stable” means that the rating probably won’t be changed in 12-18 months.


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 52 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 heat capacity of 13.5 thous. Gcal/hr. Major shareholder is Gazprom Energoholding LLC