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Atrium European Real Estate Ltd. 'BB-' Ratings Still On CreditWatch Negative On Debt Restructuring Proposal Sep 09
Standard & Poors, Sep 2009
Abstract
Jersey-based Atrium European Real Estate Ltd. has announced plans to exchange the -428 million convertible bond from Gazit/CPI with newly issued shares and to make a partial tender offer on its 2006 bond. We are keeping the 'BB-' long-term ratings on CreditWatch with negative implications. The CreditWatch reflects uncertainties about the above-mentioned complex transactions, notably regarding their likelihood and timing. PARIS (Standard & Poor's) Sept. 4, 2009--Standard & Poor's Ratings Services said today that it kept its 'BB-' long-term corporate credit and debt ratings on Jersey-based property company Atrium European Real Estate Ltd. on CreditWatch with negative implications. The ratings were originally placed on CreditWatch negative on June 9, 2009, upon acceleration risk on Atrium's -600 million bond due 2013....
Companies mentioned in this report are: Atrium European Real Estate Ltd.
Action: CreditWatch Update
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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