The Thermal Power Stations JSC has maintained its international credit rating of "BB-" with a "Stable" outlook.

It is important to note that the international rating indicators are updated once a year. In January 2023, JSC "Thermal Power Stations" was assigned a credit rating of "BB-" with a "Stable" outlook for the first time. In 2024-2025, the company also managed to maintain its credit rating at the "BB-" level with a "Stable" outlook.

Experts from the international rating agency "Fitch Ratings" conducted an analysis of JSC "Thermal Power Stations" over the course of a year before assigning this rating. This evaluation considered not only the financial and economic condition and business strategy of the joint-stock company but also included a thorough analysis of the resilience of its financial model, as well as an examination of the corporate governance system, production processes, and other areas.

Another significant aspect that contributed to achieving a positive result is the systemic reforms aimed at enhancing the attractiveness of investment scales within the company and the potential for their management, as well as ensuring control over maintaining the credit burden at an appropriate level.

A "BB-" rating indicates that credit risks may exist; however, the company is capable of fulfilling its financial obligations to investors and creditors.

This rating reinforces the position of JSC "Thermal Power Stations" in global investment markets as an enterprise with a clear and specific business strategy, transparent financial status, and a strong corporate governance system.