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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
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.
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.
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