S&P ups Atrium European

Standard & Poor's said it raised the long-term corporate credit rating on Atrium European Real Estate Ltd. to BB from BB-. The short-term corporate credit rating on Atrium is unchanged at B.

The outlook remains stable.

The upgrade follows Atrium's improved operating performance in the nine months that ended in September, its successful deleveraging and improvements in its operating margins, S&P said.

It also takes into account the opinion that Atrium will pursue a prudent growth strategy commensurate with the quality and size of its real estate portfolio, the agency said.

The ratings are constrained by the lack of visibility on the timing of the company's execution of its growth strategy, as well as ongoing pressure on its portfolio asset values, S&P said.

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