Fitch upgrades TGC-1

Fitch Ratings said it upgraded PJSC Territorial Generating Co. No. 1's (TGC-1) long-term foreign currency issuer default rating to BBB- from BB+.

The outlook is stable.

The agency said the action is driven by the upgrade of the standalone credit profile to BB+ from BB, reflecting improved credit metrics and expectations that the company will maintain a robust financial profile over 2018 to 2022.

The rating also benefits from a single-notch uplift to TGC-1's standalone credit profile, reflecting links with majority shareholder, PJSC Gazprom (BBB-/positive), which indirectly owns 51.79% of the company through its 100% subsidiary Gazprom Energoholding LLC, Fitch said.

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