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St Helier Jersey / Channel Islands -
Zwtl.: Atrium receives Fitch credit rating upgrade to 'BBB', Outlook Stable
Jersey, 18 December 2018. Atrium European Real Estate Limited (VSE/ Euronext:
ATRS) ("Atrium" or the "Company" and together with its subsidiaries, the
"Group"), a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe, is pleased to announce that Fitch Ratings
('Fitch') has upgraded the Company's Long Term Issuer Default Rating ('IDR')
from 'BBB-' to 'BBB'. At the same time Fitch also upgraded the Short Term IDR
from 'F3' to 'F2'. The new rating is with a "stable" outlook.
The upgrade is based on Fitch's view that the quality of Atrium's property
portfolio has significantly improved over the past couple of years and
particularly on the back of strong asset-rotation in 2018, following the
company's exit from Hungary and Romania and the acquisition of further prime
assets. This is paired with continued positive operating momentum across the
company's geographies, including a stabilisation in Russia.
The "stable outlook" reflects Fitch's expectations that Atrium will continue to
benefit from a benign operating environment across its geographies, which will
sustain operational and financial metrics at current levels.
Liad Barzilai, CEO of Atrium Group, commenting on the upgrade, said:
"This upgrade is a very positive and important step for the Group, highlighting
the tangible benefits of our strategy of repositioning the portfolio into
dominant urban centres in prime locations, the successful programme to dispose
of non-core assets as well as the proactive management of our debt profile and
increase of the Group's credit lines. The Company now stands in a robust
position with a stronger balance sheet, whilst being well placed for further
growth and it's with great satisfaction to see the execution of the strategy
reflected in today's decision by Fitch Ratings."
The press release issued by Fitch Ratings is available to view on Atrium's
website: https://www.aere.com/Files/PressRelease/
20181218_Atrium_credit_rating_upgrade_by_Fitch.pdf
For further information:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey: atrium@fticonsulting.com
About Atrium European Real Estate:
Atrium is a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe. Atrium specializes in locally dominant
food, fashion and entertainment shopping centres in the best urban locations.
Atrium owns 34 properties with a total gross leasable area of over 970,000 sqm
and with a total market value of approximately EUR2.8 billion. These properties
are located in Poland, the Czech Republic, Slovakia and Russia, and with the
exception of two, are all managed by Atrium's internal team of retail real
estate professionals.
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. 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.
Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Ellie Sweeney
atrium@fticonsulting.com
end of announcement euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/279/5/10247584/1/18_12_18_Atrium_credit_rating_upgrade_by_Fitch_-_FINAL.pdf
(END) Dow Jones Newswires
December 18, 2018 11:31 ET (16:31 GMT)
