Atrium European Real Estate Limited http://www.alacrastore.com/company-snapshot/Atrium_European_Real_Estate_Limited-2516747 25 Nov 2009 11:40:42 EST 2516747 Atrium European Real Estate Limited en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/506698_pr_frame506698_pr_framefitch/506698_pr_framehtmlAtrium European Real Estate Limited8354666504 Sep 2009 02:16:00 EST0103180085Press ReleaseATRFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/research/s-and-p-credit-research-Atrium_European_Real_Estate_Ltd_BB_Ratings_Still_On_CreditWatch_Negative_On_Debt_Restructuring_Proposal-744843744843spcred/744843normglobalstructured04 Sep 2009 10:48:00 EST100NewsThe latest News from S&PChannel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceNewsCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVNEWSCORPGLOBISSLEVFINRECSTRUCCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/research/s-and-p-credit-research-Research_Update_Atrium_European_Real_Estate_Ltd_BB_Ratings_Still_On_CreditWatch_Negative_On_Debt_Restructuring_Proposal-744844744844spcred/744844normglobalstructured04 Sep 2009 10:48:00 EST175Research UpdateThe latest Research Update from S&PChannel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceResearch UpdateCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVRESUPDCORPGLOBISSLEVFINRECSTRUCCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/461070_report_frame461070_report_framefitch/461070_report_framepdfAtrium European Real Estate Limited8354666503 Aug 2009 02:14:00 EST01031800165Credit UpdateATRFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/726673726673spcred/726673normglobalstructured09 Jun 2009 01:07:16 EST100NewsThe latest News from S&PChannel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceNewsCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVNEWSCORPGLOBISSLEVFINRECSTRUCCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/726674726674spcred/726674normglobalstructured09 Jun 2009 01:07:16 EST175Research UpdateThe latest Research Update from S&PChannel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceResearch UpdateCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVRESUPDCORPGLOBISSLEVFINRECSTRUCCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/430228_report_framefitch/430228_report_framepdf430228_report_frameFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Atrium European Real Estate Limited8354666525 Mar 2009 10:17:00 EST01031800425Full Rating ReportATRCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/463018_pr_framefitch/463018_pr_framehtml463018_pr_frameFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Atrium European Real Estate Limited8354666525 Feb 2009 10:16:00 EST0103180085Press ReleaseATRCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/696170spcred/696170normThe latest News from S&Pglobalstructured14 Jan 2009 01:07:20 EST100News696170Channel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsPARIS (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 financialCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVNEWSGLOBISSSTRUCCORPLEVFINRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/696171spcred/696171normThe latest Research Update from S&Pglobalstructured14 Jan 2009 01:07:20 EST175Research Update696171Channel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn Jan. 14, 2009, Standard&Poor's Ratings Services 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, combined with 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 flexibility will remain adequate in the near to medium term, they will not be as strong as weCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVRESUPDGLOBISSSTRUCCORPLEVFINRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692419spcred/692419normThe latest Full Report from S&Pglobalstructured22 Dec 2008 01:11:00 EST400Full Report692419Channel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportStrong 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 cashCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVFULLGLOBISSSTRUCCORPLEVFINRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692422spcred/692422normThe latest Summary from S&Pglobalstructured22 Dec 2008 01:11:00 EST175Summary692422Channel IslandsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe 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 flows, and expectations of very challenging real estate markets in the years ahead. These factors are tempered by the group's strong capital structure, whereby a large part of its development pipeline is pre-funded. In addition, the group faces limited debt maturities in the years ahead, which supports the ratings. Atrium owns, manages, and develops retail real estate in Eastern Europe. Its current €2.8 billion real estate portfolio (including on-balance sheet developments) is spread across the region, with a focus on RussiaCHI40403020 404030 4040 40Atrium European Real Estate Ltd.402919EUROMIDAFRMEL@AVSUMMARYGLOBISSSTRUCCORPLEVFINRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/450964_pr_framefitch/450964_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Atrium European Real Estate Limited8354666526 Nov 2008 02:18:00 EST01031800010300000100000085Press ReleaseATR450964_pr_frameCredit & Investment ResearchFitch Research