Fitch: Meinl still on watch

Fitch Ratings said it kept Meinl European Land Ltd.'s (long-term issuer default and senior unsecured ratings on rating watch negative.

This follows Meinl's announcement that a joint venture between Gazit Globe Ltd. and CPI Capital Partners Europe LP has signed an agreement to inject up to €800 million into Meinl, the agency said, adding that Meinl is currently rated long-term issuer default rating and senior unsecured BB+ and short-term issuer default rating B.

Fitch added that the funds to be injected, comprising a €500 million subordinated 2015 securities issue and up to €300 million of shares/certificates should allow Meinl to complete the committed element of its development program and resolve the liquidity issue created by the share buybacks totalling €1.8 billion in June/July 2007.

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