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.