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

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Unternehmen

St Helier Jersey / Channel Islands (euro adhoc) - Credit Rating
Update

Jersey, 18 Februar 2011. Atrium European Real Estate Limited
("Atrium" oder die

"Gesellschaft") (VSE/ Euronext: ATRS), eine der führenden
Immobiliengesellschaften mit Schwerpunkt auf Investment, Management und
Entwicklung von Einkaufszentren in Zentral- und Osteuropa, gibt gerne Folgendes

bekannt: Nach einer Besprechung mit der Gesellschaft hat Standard
& Poor´s Ratings Services ("S&P") das langfristige Rating von Atrium
mit `BB´ und das kurzfristige Rating mit `B´ bestätigt.
Gleichzeitig hat S&P den `Creditwatch negative´ aufgehoben und
auf ´stable´ gesetzt.

Bitte finden Sie untenstehend eine Abschrift des S&P Announcements:

"We have met with the management of Atrium European Real Estate Ltd.
(Atrium) to discuss Atrium's ongoing legal dispute with Meinl Bank
and the measures that Atrium has taken to address the timeliness and
reliability of its disclosure.

* We now believe that the legal dispute between Atrium and Meinl Bank is
unlikely to have a material effect on Atrium's credit quality over the
short to medium term.
* We are therefore affirming the 'BB' long-term and 'B' short-term
corporate credit ratings on Atrium and removing them from CreditWatch
negative.
* The stable outlook reflects our view that Atrium will continue to
exhibit a steady operating performance.

LONDON (Standard & Poor's) Feb. 18, 2011--Standard & Poor's
Ratings Services said today that it affirmed its 'BB' long-term
and 'B' short-term corporate credit ratings on Atrium European
Real Estate Ltd. (Atrium). At the same time, we removed the ratings
from CreditWatch, where they had been placed with negative
implications on Jan. 31, 2011. The outlook is stable.

"The rating affirmation reflects our greater clarity on Atrium's
strategy for dealing with its ongoing legal dispute with Meinl bank,
as well as our view of the company's stable operating
performance and adequate liquidity," said Standard & Poor's
credit analyst Amra Balic. "It also reflects our
consideration of the lack of information provided by Atrium on the
non payment of interest on its 2008 bond issued to Meinl Bank in the
broader context of the legal dispute with Meinl Bank."

Atrium owns, manages, and develops retail real estate properties in
Central and Eastern Europe. On Sept. 30, 2010, the market value of
Atrium's portfolio was EUR2.2 billion. Atrium is reportedly subject
to litigation dating back to its existence as Meinl European
Land.

Our assessment of Atrium's business risk profile as fair has
not changed. Although Atrium has put most development activities on
hold, we anticipate that it will continue to invest in new and
existing assets.

We assess Atrium's financial risk profile as significant, based on
its credit ratios. However, in the future, our assessment of the
company's financial risk profile will also depend on the quality
and timeliness of disclosure, our reappraisal of the company's
financial policy, and our view of corporate governance.

In our view, Atrium should continue to exhibit a stable operating
performance and an improved capital structure. We think that Atrium
will likely maintain conservative leverage until it successfully
completes its large development pipeline, and until its portfolio
of standing retail real estate assets begins to generate a
relatively stable stream of rental income. In addition, we
anticipate that the company will likely maintain an internal
liquidity cushion sufficient to meet any unexpected shortfalls in
income or cost overruns in its development projects.

We could raise the ratings if we see that Atrium continues to
limit its development activities, cash flow metrics improve, and
market conditions show signs of a substantial and sustainable
recovery. We also intend to evaluate developments in the
company's corporate governance structure and any residual
litigation risk before considering an upgrade.

Alternatively, we could lower the ratings if in particular we see a
prolonged market downturn or any material increase in discretionary
spending over the short term, or if unexpected changes in the
capital structure or corporate governance hamper investors'
still-fragile confidence in the company."

Für weitere Informationen:

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

Diese Aussendung erscheint nur zu Dokumentationszwecken und stellt
weder ein Verkaufsangebot noch eine Aufforderung zur Legung
eines Kaufangebots von Wertpapieren dar.

Atrium is established as a closed-end investment company domiciled in
Jersey. Atrium is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Supervision Act (Wet op het financieel toezicht). All
investments are subject to risk. Past performance is no guarantee of
future returns. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results. The Dutch
and Austrian paying agent of Atrium is Kempen & Co. N.V.,
Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands.

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