Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
Credit Rating Update
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Unternehmen
Credit Rating Update
Jersey, 3. Februar 2011. Atrium European Real Estate Limited
("Atrium" oder die "Gesellschaft") (VSE/Euronext: ATRS), eine der
führenden Immobiliengesellschaften mit Schwerpunkt auf Finanzierung,
Management und Entwicklung von Einkaufszentren in Zentral- und
Osteuropa, freut sich mitteilen zu können, dass Fitch Ratings Atriums
langfristige Kreditwürdigkeitsbewertung (Long-term Issuer Default
Rating) mit 'BB+', das vorrangig unbesicherte Rating (senior
unsecured rating) mit 'BB+' und die kurzfristige
Kreditwürdigkeitsbewertung mit 'B' bestätigt hat. Fitch Ratings
bewertet außerdem Atriums Ausblick weiterhin als "stabil". Fitch
Ratings schließt damit an seine Mitteilung vom 29. Oktober 2010 an,
in der Atriums senior unsecured rating und die langfristige
Kreditwürdigkeitsbewertung um zwei Stufen auf 'BB+' angehoben wurden.Folgend finden Sie den Originaltext der Fitch Ratings Presseinformation:
FITCH AFFIRMS ATRIUM FOLLOWING CONVERTIBLE BOND REPAYMENT
Fitch Ratings-London-03 February 2011: Fitch Ratings has affirmed Atrium European Real Estate Limited's (Atrium) Long-term Issuer Default Rating (IDR) of 'BB+', senior unsecured rating of 'BB+' and Short-term IDR of 'B'. The Outlook is Stable.
The affirmation follows the announcement that Atrium will repay an outstanding EUR20m 2008 convertible bond. Atrium is a Jersey-based shopping centre property company with EUR1.5bn of shopping centres in Central and Eastern Europe.
On 24 January 2011, Atrium received a 'purported' event of default notice in relation to the non-payment of disputed interest on EUR20m of 10.75% 2008 convertible bonds, which were issued to Meinl Bank AG (Meinl) in August 2008. On the same day, Atrium publicly announced that it would voluntarily repay all interest accrued and principal outstanding under the respective convertible issue. Atrium has also received confirmation from Meinl that a possible cross-default of the 2003 and 2005 bonds, further to the non-payment of interest under the convertible bond, therefore no longer exists.
These actions are separate to a EUR2 billion lawsuit for damages and compensation, which Atrium filed against Julius Meinl and other defendants in August 2010.
Fitch's ratings have always excluded the possible receipts of any damages under the lawsuits brought by Atrium. The ratings are, however, constrained by the outstanding litigation in respect of the share buy-backs in 2007, and Fitch has little visibility over its timetable or outcome. Although Fitch believes that the ultimate liability to the owners and management may be limited, there is some uncertainty and Atrium's ability to issue new bonds may be constrained.
Fitch believes that Atrium currently has sufficient liquidity to meet the interest and capital repayments for the EUR20m of convertible bonds held by Meinl. Atrium had EUR383m of cash balances at 30 September 2010, when total borrowings stood at EUR427m.
For further information: Financial Dynamics +44 (0)20 7831 3113 Richard Sunderland Laurence Jones Will Henderson Richard.sunderland@fd.com
Rückfragehinweis:
Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com
Branche: Immobilien
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / Amtlicher Handel