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Atrium European Real Estate Limited

EANS-News: Atrium European Real Estate Limited
Credit Rating Update

St Helier Jersey / Channel Islands (euro adhoc) -

  Corporate News übermittelt durch euro adhoc. Für den Inhalt ist der
  Emittent/Meldungsgeber verantwortlich.
Unternehmen
Credit Rating
Update
Jersey, 3. Februar 2011. Atrium European Real Estate Limited 
("Atrium" oder die "Gesellschaft") (VSE/Euronext: ATRS), eine der 
führenden Immobiliengesellschaften mit Schwerpunkt auf Finanzierung, 
Management und Entwicklung von Einkaufszentren in Zentral- und 
Osteuropa, freut sich mitteilen zu können, dass Fitch Ratings Atriums
langfristige Kreditwürdigkeitsbewertung (Long-term Issuer Default 
Rating) mit 'BB+', das vorrangig unbesicherte Rating (senior 
unsecured rating) mit 'BB+' und die kurzfristige 
Kreditwürdigkeitsbewertung mit 'B' bestätigt hat. Fitch Ratings 
bewertet außerdem Atriums Ausblick weiterhin als "stabil". Fitch 
Ratings schließt damit an seine Mitteilung vom 29. Oktober 2010 an, 
in der Atriums senior unsecured rating und die langfristige 
Kreditwürdigkeitsbewertung um zwei Stufen auf 'BB+' angehoben wurden.
Folgend finden Sie den Originaltext der Fitch Ratings 
Presseinformation:
FITCH AFFIRMS ATRIUM FOLLOWING CONVERTIBLE BOND REPAYMENT
Fitch Ratings-London-03 February 2011: Fitch Ratings has affirmed 
Atrium European Real Estate Limited's (Atrium) Long-term Issuer 
Default Rating (IDR) of 'BB+', senior unsecured rating of 'BB+' and 
Short-term IDR of 'B'. The Outlook is Stable.
The affirmation follows the announcement that Atrium will repay an 
outstanding EUR20m 2008 convertible bond. Atrium is a Jersey-based 
shopping centre property company with EUR1.5bn of shopping centres in
Central and Eastern Europe.
On 24 January 2011, Atrium received a 'purported' event of default 
notice in relation to the non-payment of disputed interest on EUR20m 
of 10.75% 2008 convertible bonds, which were issued to Meinl Bank AG 
(Meinl) in August 2008. On the same day, Atrium publicly announced 
that it would voluntarily repay all interest accrued and principal 
outstanding under the respective convertible issue. Atrium has also 
received confirmation from Meinl that a possible cross-default of the
2003 and 2005 bonds, further to the non-payment of interest under the
convertible bond, therefore no longer exists.
These actions are separate to a EUR2 billion lawsuit for damages and 
compensation, which Atrium filed against Julius Meinl and other 
defendants in August 2010.
Fitch's ratings have always excluded the possible receipts of any 
damages under the lawsuits brought by Atrium. The ratings are, 
however, constrained by the outstanding litigation in respect of the 
share buy-backs in 2007, and Fitch has little visibility over its 
timetable or outcome. Although Fitch believes that the ultimate 
liability to the owners and management may be limited, there is some 
uncertainty and Atrium's ability to issue new bonds may be 
constrained.
Fitch believes that Atrium currently has sufficient liquidity to meet
the interest and capital repayments for the EUR20m of convertible 
bonds held by Meinl. Atrium had EUR383m of cash balances at 30 
September 2010, when total borrowings stood at EUR427m.
For further information:
Financial Dynamics                   +44 (0)20 7831 3113
Richard Sunderland
Laurence Jones
Will Henderson 
Richard.sunderland@fd.com

Rückfragehinweis:

Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Immobilien
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / Amtlicher Handel

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