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Moody's assigns Baa3 long-term issuer rating to Atrium European Real Estate

Moody's assigned a first-time Baa3 long-term issuer rating to diversified real estate company Atrium European Real Estate Ltd.

The rating agency also assigned a Baa3 rating to the company's planned €300 million to €350 million senior unsecured notes issuance.

The outlook on the ratings is positive.

"Atrium's Baa3 rating reflects its solid portfolio mostly located in strong macroeconomic environments with favorable property market fundamentals", said Ramzi Kattan, a Moody's vice president and senior analyst.

Moody's said the Baa3 rating further represents the company's robust market position as one of the leading Central and Eastern Europe shopping center operators with a good administrative track record of keeping cash flows and values in a dynamic retail environment.

According to a note, the positive outlook is based on the company's moderate leverage, and its robust coverage metrics are in line with a Baa2 rating.

Moody's said the outlook further mirrors its belief that the company will continue to produce steady cash flow, preserve good liquidity while maintaining high occupancy levels and a balanced growth strategy.