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Atrium European Real Estate Ltd. Downgraded To 'BB' On Depressed Market Conditions; Outlook Stable Feb 09
Standard & Poors, Feb 2009
Abstract
PARIS (Standard & Poor's) Feb. 20, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Jersey-based real estate group Atrium European Real Estate Ltd. to 'BB' from 'BB+', and removed the rating from CreditWatch where it had been placed on Jan. 14, 2009, with negative implications. At the same time, we affirmed the 'B' short-term corporate credit rating. The outlook is stable. 'The rating actions reflect the increasingly challenging market conditions in the Central and Eastern European markets, as well as Russia, where the company operates,' said Standard & Poor's credit analyst Pierre Georges. 'These negative trends result in depressed real estate asset valuations, rent levels, and ultimately cash flows.' The downgrade...
Companies mentioned in this report are: Atrium European Real Estate Ltd.
Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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