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Fitch, Moody's affirm Atrium European Real Estate ratings

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Capital Markets View – January 2021


Fitch, Moody's affirm Atrium European Real Estate ratings

Fitch Ratings affirmed Atrium European Real Estate Ltd.'s long-term issuer default and senior unsecured ratings at BBB, while Moody's affirmed the company's long-term issuer and senior unsecured ratings at Baa3.

At the same time, Fitch removed all Atrium ratings from Rating Watch Negative, after Atrium's minority shareholders rejected Gazit-Globe Ltd.'s offer to buy the remaining 40% of the group. The outlook on Atrium's long-term issuer default rating is stable.

Fitch said the ratings take into account the strength of the U.K.-based property company's repositioned portfolio, which mainly consists of shopping centers in the economically strong urban areas of Poland and Czech Republic. Fitch also noted Atrium's operational metrics, which have stayed resilient amid volatility in the Russian retail property market.

Moody's changed Atrium's outlook to positive from ratings under review. The outlook reflects Moody's expectation that the company will continue to generate stable cash flow and maintain good liquidity while keeping high occupancy levels and a balanced growth strategy.

Moody's said the confirmation takes into account, among other things, the company's strong market position as one of the leading Central and Eastern Europe shopping center operators with a good management track record of sustaining cash flow and values in a fast-changing retail landscape.