EANS-News: Atrium European Real Estate Limited / CREDIT RATING UPDATE

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Company Information

St Helier Jersey / Channel Islands (euro adhoc) - CREDIT RATING
UPDATE

Jersey, 31 January 2011. Atrium European Real Estate Limited
("Atrium" or the "Company") (VSE/ Euronext: ATRS), one of the
leading real estate companies focused on shopping centre
investment, management and development in Central and Eastern
Europe, notes Standard and Poor´s ("S&P") announcement placing
Company's current 'BB' long-term and 'B' short-term corporate credit
ratings on CreditWatch Negative. S&P had previously upgraded
the Company´s long-term corporate credit rating to `BB´ from `BB-`
with a Stable outlook and affirmed Atrium´s Short-term rating as
`B´ on 26 November 2010.

The Company notes that the CreditWatch Negative is not a comment
of Atrium's underlying real estate business with S&P stating
that "Atrium's operating performance has improved over the past
12 months, as a result of higher occupancy rates and a long
lease maturity profile (about five years), which have led to
improvements in its operating margins" and that "Atrium's capital
structure has, in our view, strengthened through the combined
effect of deleveraging and operating efficiency, resulting in a
ratio of funds from operations to debt of over 11%". The
CreditWatch reflects S&P's concerns about the potential effects of
the ongoing, complex litigation with Meinl Bank ("Meinl") which
S&P believes "could have an adverse bearing on Atrium's credit
quality". It is also because the Company did not provide S&P with
information regarding a withheld payment of a de minimus amount
of interest due on EUR20 million nominal value of its 2008
10.75% Convertible bond (the "Meinl Bond"), a private and unrated
bond issued to Meinl.

Atrium did not provide disclosure of this non-payment to S&P as the
Company did not consider that such a disclosure was required because
of the private nature of the Meinl Bond and because the interest
due on the Meinl Bond had been legitimately withheld,
reflecting as it does a matter under bona fide commercial
dispute, pending the outcome of a EUR2 billion legal action
for compensation and damages filed against Julius Meinl, Meinl
Bank and other defendants in August 2010, which the Company will
pursue vigorously, as well as other disputes.

S&P has stated that it intends to review the CreditWatch placement in
90 days, during which time Atrium will meet with S&P to listen to its
concerns in more detail and use its best endeavours to ensure that
the CreditWatch Negative is lifted as soon as possible.

For further information:

Financial Dynamics: +44 (0)20 7831 3113
Richard Sunderland
Laurence Jones
Will Henderson
richard.sunderland@fd.com

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / official market