EANS-News: Atrium European Real Estate Limited / Credit Rating Update

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St Helier Jersey / Channel Islands (euro adhoc) - 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

Ende der Mitteilung euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

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