Creditreform Rating has set the initial unsolicited corporate issuer rating of EnBW Energie Baden-Württemberg AG at A-. This attests to the company's high creditworthiness and low risk of default. The result is based on the results of our key financial figures analysis, which forms the basis for the rating assessment, as well as on the shareholder structure with a certain market position and systemic relevance and our general assessment of the company's business model and future orientation, which has had the effect of increasing the rating overall. The proximity to the state factor thus has a significant impact on the rating. The one-year outlook for the rating is stable. The outlook is based on our assessment of EnBW AG's business model, which we consider to be less susceptible to economic cycles and comparatively crisis-resistant. A high share of earnings is generated in regulated markets. The COVID 19 pandemic so far has had only a significant impact on the financial result, but not on the operating business. Therefore, we see EnBW's rating less affected by a long-term development, but at best by temporary effects.