PNE AG: Creditreform Rating upgrades corporate rating to BB
Cuxhaven, 04.04.2017: Creditreform Rating has upgraded the corporate rating of PNE WIND AG from BB- to BB. The successful operational and financial development of PNE WIND AG is thereby reflected in the corporate rating.
According to Creditreform, the upgrade of the rating is based on the considerably improved fundamental data in the business year 2016 due to the sale of the wind farm portfolio at the end of the year. The pursued activities of PNE WIND AG in the onshore and offshore wind project business remained unchanged with various risks that might affect the asset, financial and earnings position as well as the business and liquidity position. The specific risk of the business model, political risks as well as the intensified conditions of competition had a limiting effect. In addition, the rating was limited by the planned buildup of an European onshore wind farm portfolio with corresponding medium-term effect on the fundamental data. The financial risk was scheduled in particular by the bullet payment of the EUR 100 million bond in mid-2018. Despite the currently good fundamental data, the rating was limited by the abovementioned aspects, according to Creditreform.