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Atrium European Real Estate Ltd. Dec 08
Standard & Poors, Dec 2008
Abstract
Strong capital structure and long average debt maturity structure A growing portfolio of relatively young retail real estate assets A number of positive steps to remedy previously highlighted corporate governance issues through appointment of new board and management Exposure to high risk Eastern European real estate markets Materially weakening real estate fundamentals in Eastern Europe Large development pipeline, which includes development and letting risks Relatively weak cash flow generation, as developments are noncash generative until completed Limited and untested track record The ratings on Jersey-based real estate group Atrium European Real Estate Ltd. (previously 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, meager cash...
Companies mentioned in this report are: Atrium European Real Estate Ltd.,MD Russia Holding Ltd.,MD CE Holding 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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