The credit rating of JSC “ROSSETI Tyumen” (hereinafter, ROSSETI Tyumen or the Company) is based on the Company’s very strong market positions in its regions of presence, strong operating profile, high business profitability, very low leverage, and the very high score for liquidity. ACRA assesses that it is highly likely that PJSC ROSSETI (AAA(RU), outlook Stable; hereinafter, ROSSETI or the Holding) will provide the Company with extraordinary support if necessary.
ROSSETI Tyumen is an interregional power grid operator that functions in the Tyumen Region (AAA(RU), outlook Stable), the Khanty-Mansi Autonomous Okrug – Yugra (AAA(RU), outlook Stable), and the Yamalo-Nenets Autonomous Okrug (AAA(RU), outlook Stable).
Key assessment factors
High likelihood of extraordinary support from ROSSETI. ROSSETI Tyumen is a natural monopoly that transmits electricity in three Russian regions where the main consumers are located, including companies that extract the lion’s share of Russia’s oil and gas. The Company’s regions of presence are significant for ROSSETI, a national electricity supplier. The Company is part of the ROSSETI Group and is integrated into the single treasury system and the mechanism for providing operating liquidity to subsidiaries. The Company has consistently demonstrated good financial indicators and therefore it generally does not require additional financial assistance from the shareholder. However, the fact that the Holding has supported other subsidiaries and affiliates in the past indicates a high likelihood of support being provided to the Company if necessary.
An infrastructure monopoly with low sales risks. ROSSETI Tyumen occupies a dominant position in the electricity transmission market within the boundary of interconnected networks. Based on tariff and balance decisions, the Company’s market share in terms of tariff revenue amounted to 69% in 2025. On January 1, 2025, the Company was awarded the status of a systemically important regional grid organization (SIRGO) in all regions of presence. In this regard, ACRA believes that the market share will continue to grow due to asset consolidation.
The level of overdue receivables is low at less than 1% of revenues for 2025, since the level of collection of payments for electricity transmission is high and oftentimes exceeds 100%. The structure of the Company’s electricity supply is dominated by oil and gas companies.
Strong operating profile. The economic development of the Russian regions in which ROSSETI Tyumen operates creates conditions for setting tariffs at a level that ensures sufficient business profitability of the Company. At the same time, there is a risk of sociopolitical factors influencing tariff decisions, which leads to, in ACRA’s opinion, regulatory risks. The size of the Company's business is assessed as medium. The FFO before net interest and taxes increased by more than one and a half times last year, to RUB 15.1 bln, and ACRA expects further growth in 2026. The weighted average FFO before net interest and taxes for 2023–2028 will be about 1.0 bps of the GDP of the Russian Federation. According to the Agency’s calculations, the tariffs provide the Company with a weighted FFO before interest and taxes margin of 16%. According to ACRA’s forecast, the average annual FFO before net interest and taxes margin for 2026–2028 will not change much, mainly due to tariff movements. The wear and tear of the Company’s fixed assets is moderate. The Company’s investment activity is at a weighted level of 11% of revenues and is mainly aimed at maintaining high quality and reliable electricity supply and ensuring prompt connection to power grids, including for the assets of oil and gas companies, including PJSC “GAZPROM” (AAA(RU), outlook Stable), Rosneft (AAA(RU), outlook Stable), and LUKOIL (AAA(RU), outlook Stable). ACRA assesses the Company’s corporate governance as adequate and in line with industry standards. The Company’s board of directors has an independent director. ROSSETI Tyumen’s risk management system minimizes all the major types of risk and the Holding’s control includes approval of key unified internal regulations (credit policy, regulations for the placement of funds and other documents unified within the group), as well as monitoring of their adherence by the Company’s management. The Company’s financial transparency is assessed as high.
Free cash flow (FCF). By the end 2025, the Company’s FCF was positive and amounted to about RUB 3.4 bln compared to the negative value of RUB -3.0 bln a year earlier, which was driven by higher revenues caused by growing tariffs. ACRA projects that the Company’s FCF will remain positive in 2026–2028.
Very low leverage. The Company’s current debt is estimated to be very low. As of the beginning of 2026, the loan portfolio was below RUB 4.0 bln and included ruble-denominated loans with floating interest rates. The entire amount of debt falls due in 2026. According to ACRA’s calculations, in 2025, the ratio of total debt to FFO before net interest was 0.5x (vs. 1.1x in 2024). The leverage declined largely due to the absence of the need to raise debt due to the expected increase of the operating cash flow, which will cover the base needs of the Company’s investment program. ACRA expects that the leverage for 2026–2028 will be significantly lower than 1.0x.
The interest coverage (the ratio of FFO before net interest to interest) was 9.0x at the end of 2025, which corresponds to a very high coverage category per ACRA’s methodology. This is primarily due to the low volume of debt, as well as the Company’s policy of lowering interest costs by borrowing credit lines and the lowest rates. The Agency expects that the coverage will remain very high in the future.
The strong liquidity reflects a significant amount of funds held in the Company’s accounts and deposits, as well as a significant amount of committed credit lines, the size of which is many times higher than the total debt of the Company.
Key assumptions
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The corporate capital investment program being implemented in full and on time;
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The key indicators of the Company’s financial and economic model to be met in 2026;
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In its forecast, ACRA includes dividend payments of no more than 50% of IFRS or RAS net profits (whichever is higher), as per the current dividend policy.
Potential outlook or rating change factors
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Lower regulatory risks due to the introduction of long-term and transparent tariff regulation principles coupled with a significant reduction of the investment program and reduced wear and tear of fixed assets;
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Weighted business profitability exceeding 25% of FFO before net interest and taxes;
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The FCF margin consistently exceeding 5% and the weighted capex-to-revenue declining below 10%.
A negative rating action may be prompted by:
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ROSSETI’s loss of control or looser integration between the Company and the Holding;
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Leverage growing above 1.0x;
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The weighted FFO before net interest and taxes margin falling below 15%.
Rating components
SCA: аа+.
Support: group.
Issue ratings
There are no outstanding issues.
Regulatory disclosure
The credit rating has been assigned to JSC “ROSSETI Tyumen” based on the following methodologies: the Methodology for Assigning Credit Ratings to Non-Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of JSC “ROSSETI Tyumen” under the national scale for the Russian Federation; the Methodology for Assigning Credit Ratings with External Support to assess factors of external influence; the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions..
The credit rating assigned to JSC “ROSSETI Tyumen” under the national scale for the Russian Federation was published by ACRA for the first time on June 29, 2021.
The most recent publication date of the credit rating is April 29, 2025.
The credit rating and its outlook are expected to be revised within one year.
The credit rating is assigned based on data provided by JSC “ROSSETI Tyumen”, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of JSC “ROSSETI Tyumen” as of December 31, 2025.
The credit rating is solicited and JSC “ROSSETI Tyumen” participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to JSC “ROSSETI Tyumen” during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
