Fitch cuts Atrium European

Fitch Ratings said it downgraded Atrium European Real Estate Ltd.'s long-term issuer default rating to BB- from BB, and left it on rating watch negative. Fitch subsequently withdrew Atrium’s ratings.

“The downgrades reflect higher than previously anticipated leverage resulting from a €305 million shareholder loan from Gazit Globe Ltd, which Fitch treats as Atrium's debt. The loan does not qualify for equity credit under Fitch's criteria. It is subordinated to Atrium's senior debt but matures at end-December 2026, ahead of the group's 2027 €300 million bond,” the agency said in a press release.

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