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Atrium European Real Estate Ltd. 'BB+' Ratings On CreditWatch Negative On Reduced Capital Increase Jan 09
Standard & Poors, Jan 2009
Abstract
PARIS (Standard & Poor's) Jan. 14, 2009--Standard & Poor's Ratings Services said today that it placed its 'BB+' long-term corporate credit and debt ratings on Jersey-based real estate group Atrium European Real Estate Ltd. on CreditWatch with negative implications. At the same time, the 'B' short-term corporate credit rating was affirmed. 'The CreditWatch placement reflects continued weakening commercial real estate market conditions, in particular in Eastern Europe where Atrium's activity is focused,' said Standard & Poor's credit analyst Pierre Georges. The CreditWatch also takes into account the company's announcement today that it has reached an agreement with CPI/Gazit Holdings Ltd. (not rated) to reduce the planned capital increase from CPI/Gazit to -72 million from -300 million. Although liquidity and financial...
Companies mentioned in this report are: Atrium European Real Estate Ltd.
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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