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Atrium European Real Estate Ltd. Mar 11
Standard & Poors, March 2011
Abstract
Strong capital structure and credit metrics, resulting from substantial deleveraging. Large portfolio of income-producing retail real estate assets generating resilient like-for-like revenues, robust operating performance, and positive year-on-year revaluations. Exposure to some Eastern European real estate markets, which currently face difficult economic conditions and present risks in conducting business. A large development pipeline, involving development and letting risks. The lack of a meaningful corporate governance track record--inherited from predecessor Meinl European Land--which we believe would help restore investor confidence on a long-term basis. The ratings on Jersey, U.K.-based real estate company Atrium European Real Estate Ltd. are constrained by Standard & Poor's Ratings Services' view of the company's concentration in the immature Eastern European retail real estate market and meaningful...
Companies mentioned in this report are: Atrium European Real Estate Ltd.
Action: Review
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: Full Analysis
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