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 Thus, as of June 2, 2017, TGC-1's affirmed rating of 'ruAA+' has been withdrawn.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.

OAO TGK-1 published this content on 05 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 June 2017 07:13:15 UTC.

Original documenthttp://www.tgc1.ru/en/ir/releases/ir-releases/full/sp-global-ratings-otozvalo-reiting-pao-tgk-1-po-rossiiskoi-n/

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