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S&P affirms Atrium European Real Estate ratings

S&P Global Ratings affirmed Atrium European Real Estate Ltd.'s BBB- long-term and A-3 short-term corporate credit ratings, with a stable outlook.

The rating agency attributed the affirmation to Atrium's strong rental income growth for the first nine months of 2017, as well as its moderate leverage. It also noted the company's asset-rotation strategy of selling assets in its noncore markets and funnelling the proceeds toward large shopping centers in its core markets of Poland and the Czech Republic.

The stable outlook reflects S&P Global Ratings' expectation that Atrium's portfolio will continue to deliver a stable cash flow. However, the company's long-term rating is constrained by its more leveraged parent, Gazit-Globe Ltd., S&P Global Ratings said in a release.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.