German PV project developer SAG Solarstrom has announced that its credit rating was withdrawn on Friday 6 December.
Creditreform has withdrawn the company’s BB+ rating after Solarstrom said it would have to revise its earnings forecast due to delays with a number of projects in Europe.
Creditreform will review the company’s updated financial figures before deciding on a new rating. The company will not be able to place any new bonds in the meantime.
Last week it emerged that talks with an “international energy company” about a triple-digit project pipeline had collapsed and would no longer be implanted at all.
A spokesperson told PV Tech that the projects, which were all based in the UK, had to be abandoned due to onerous up-front cash deposits required to secure warranties for the plans.
The company is now reviewing its future in the solar business.
“This is not a problem we have had just with these negotiations but something we have increasingly seen during the course of the year. It’s a market requirement but it is really difficult when you have such a long capital binding period combined with a low margin, that’s why we have that business segment under review,” she added.
Solarstrom’s shares were trading for €1 (US$1.37) after spending most of October above €2.60 (US$3.57) and most of November above €2.50 (US$3.43).
