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Atrium European Real Estate Ltd. Cut To 'BB-' And Placed On CreditWatch Negative; Short-Term Rating Affirmed Jun 09
Standard & Poors, June 2009
Abstract
--Atrium has announced acceleration risk on its -600 million bond due 2013. --We view that early redemption could have a negative impact on Atrium's liquidity position and ultimately on its credit quality. --We are lowering the long-term rating on Atrium to 'BB-' from 'BB' and placing it on CreditWatch with negative implications. --The negative CreditWatch implications reflect the uncertain effect of an early payment of the bond on the company's credit profile, notably regarding a potential trigger of a cross default clause. PARIS (Standard & Poor's) June 9, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit ratings on Jersey-based real estate group Atrium European Real Estate Ltd. to 'BB-' from 'BB' and placed...
Companies mentioned in this report are: Atrium European Real Estate Ltd.
Action: Downgraded
Action: On CreditWatch:Negative
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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