On 11 September 2018, Fitch Ratings has upgraded long-term Issuer Default Ratings (IDR) of TGC-1 in foreign and national currency to “ÂÂB-” level, Outlook Stable, and short-term Issuer Default Ratings in foreign and national currency to “F3” level.

The agency mentioned the improvement of TGC-1’s credit metrics and its expectations that the company will maintain a robust financial profile over 2018-2022 which incorporate the company's strong market position in electricity and heat sales in St. Petersburg and border regions and the TGC-1's exposure to low-cost HPPs.

Fitch expects to maintain strong credit metrics over 2018-2022 due to stable cash flow generation under the capacity supply agreement (CSA) and despite its expectation of an increased dividend payout ratio during the same period.