Fitch ups Atrium

Fitch Ratings said it upgraded Atrium European Real Estate Ltd.'s senior rating and long-term issuer default rating to BB+ from BB-. The agency also said it affirmed its short-term issuer default rating at B.

The outlook is stable.

The upgrade reflects the stabilization of rental income, reduced property costs and lower interest payments resulting from high-coupon bond buybacks of €232 million in the first half of 2010, Fitch said.

With development expenditure now complete and the financial structure re-profiled, Atrium's business model is now similar to its Western European peers, the agency said.

The ratings are constrained by the outstanding litigation in respect to the share buybacks of 2007, Fitch added.

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