Summary: Meinl European Land Ltd. Apr 08

Standard & Poors, April 2008

Abstract
The ratings on Jersey-based real estate group Meinl European Land Ltd. (MEL) are constrained by its aggressive and relatively unproven growth strategy in the high-risk Eastern European retail real estate markets, initially meager cash flows, and weak corporate governance structure. These factors are tempered by the group's relatively cautious pre-funding approach, consisting of a balanced mix of equity capital and debt, and its prudent predevelopment requisites and policies. MEL owns, manages, and develops retail real estate in Eastern Europe. Its current €2.4 billion real estate portfolio (including on-balance sheet developments) is spread across the region, with a focus on Russia. The group had total long-term debt of about €1 billion at the end of September 2007. A recently announced proposed...

Companies mentioned in this report are:
- Atrium European Real Estate Ltd.

Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Atrium European Real Estate Ltd.

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