European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

PNE AG (Konzern)

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BB Outlook POS 15.05.2020 20.05.2020 26.02.2024
BB Outlook POS 07.02.2020 11.02.2020 26.02.2024
BB Watch UNW 10.10.2019 16.10.2019 26.02.2024
BB Outlook POS 30.04.2019 06.05.2019 26.02.2024
BB Outlook POS 27.03.2018 28.03.2018 26.03.2024
BB Outlook STA 03.04.2017 04.04.2017 02.04.2018
BB- 17.05.2016 18.05.2016 04.04.2017
BB- Watch UNW 29.04.2016 02.05.2016 04.04.2017
BB- 05.04.2016 06.04.2016 04.04.2017
BB- Watch NEW 19.11.2015 20.11.2015 06.04.2016
BB- 07.04.2015 10.04.2015 06.04.2016

News

  • 20.05.2020
    Creditreform Rating confirmed the corporate rating of PNE AG with BB and positive outlook in the context of the rating update. The reasons for this rating assessment are the positive operating business development during the past financial year, the business development during the first quarter of 2020 that is going according to plan and the liquidity position that continues to be excellent. The pursued activities in the on- and offshore wind project business as well as the future orientation as a Clean Energy Solution Provider are associated with various risks and corresponding effects on the asset, financial and earnings situation as well as the business and liquidity situation. The rating takes into account the increasingly difficult national and international framework and competitive conditions, the political framework in the relevant target markets and the implementation of strategic measures to maintain competitiveness, including the associated risks. The uncertainties from the COVID 19 pandemic are currently having a dampening effect. However, the overall outlook for the rating for the next 12 months remains positive. This is due to the strategic realignment and the further expansion of the wind farm portfolio and the associated creation of assets in connection with a currently adequate liquidity situation.
  • 11.02.2020
    Creditreform Rating has withdrawn the rating supplement ‘‘Watch UNW‘‘ of its current SME rating of PNE AG (Group) that currently stands at BB. Creditreform Rating replaced the supplement with a positive outlook. The reason for this rating adjustment is the end of the period for the takeover bid of PNE AG by an infrastructure fund. The result was that the participation by the Infrastructure fund was below the envisaged participation rate. Additionally the deadline for extraordinary termination right of the corporate bond that resulted from the acquisition of a participation of over 30% has ended too. As a result Creditreform Rating doesn‘t derive negative financial effects that result out of the terminations made. Consequently, Creditreform Rating does see the reasons for the rating supplement „Watch UNW“ no longer applying.
  • 16.10.2019
    In the context of its monitoring process Creditreform Rating added the rating supplement Watch UNW to its SME rating of PNE AG. The Watch UNW replaces its positive outlook. The reason for this rating action is an ad-hoc press release of PNE AG of October 10, 2019 concerning a closed investor agreement with an infrastructure fund with regard to a take-over of the shares of PNE AG. The strategic, financial and operative impact this will have on the company, and consequently its rating, are at the moment difficult to assess and will need further insights. As a result the rating was changed to BB Watch UNW.
  • 06.05.2019
    Creditreform Rating has set the corporate rating of PNE AG to BB within the follow-up rating. The outlook is positive. The reasons for the rating assessment are the stable operating business development of the past fiscal year, the improvement of the financing structure and the very good liquidity position. The pursued activities of PNE AG in the onshore and offshore wind project business as well as the future orientation as a Clean Energy Solution Provider entail various risks that might affect the asset, financial and earnings position as well as the business and liquidity position. The Rating assessment considers the intensified national and international conditions of competition as well as the political parameters of the relevant target markets and the implementation of strategical measures to maintain the ability to compete, including the related risks. The value adjustment of three offshore projects also had a dampening effect on the rating. Furthermore, the rating is limited by the planned buildup of an European onshore wind farm portfolio with corresponding effect on the financial key figures. Taking into account the overall development, the 12 to 18 months outlook remains positive, which is related to the new strategical focus, the continuous expansion of the wind farm portfolio and the associated assets with a currently adequate liquidity position.
  • 28.03.2018
    Creditreform Rating has set the corporate rating of PNE Wind AG to BB within the follow-up rating. The outlook is positive. The rating is based on the considerably improved fundamental data of the last two business years. If necessary, the issue in the amount of 100 Mio. EUR can be redeemed with the already existing liquidity at the end of May. The pursued activities of PNE WIND AG in the onshore and offshore wind project business as well as the future orientation as a Clean Energy Solution Provider are provided with various risks that might affect the asset, financial and earnings position as well as the business and liquidity position. In addition, the intensified national and international conditions of competition as well as the political parameters of the relevant target markets and the implementation of strategical measures to maintain the ability to compete have an impact on our rating assessment. Furthermore, the rating is limited by the planned buildup of an European onshore wind farm portfolio with corresponding medium-term effect on the fundamental data. Taking into account the overall development, the one-year outlook is positive which is related to the new strategical focus and the expected short-term financial profile by taking in consideration the redemption of the issue due in May. As part of the renaming on June 14th, 2018, PNE WIND AG was renamed in PNE AG. The current rating of the former PNE WIND AG is continued under the name PNE AG by Creditreform Rating AG.
  • 04.04.2017
    Creditreform Rating has upgraded the corporate rating of PNE WIND AG from BB- to BB. The rating outlook is stable. 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 have a limiting effect. In addition, the rating is limited by the planned buildup of an European onshore wind farm portfolio with corresponding medium-term effect on the fundamental data. The financial risk is scheduled in particular by the bullet payment of the EUR 100 million bond in mid-2018. Despite the currently good fundamental data, the rating is limited by the abovementioned aspects.

Reports