Fitch lifts Atrium from junk

Fitch Ratings said it upgraded Atrium European Real Estate Ltd.'s long-term issuer default and senior unsecured ratings to BBB- from BB+.

The outlook is stable.

The agency also upgraded the short-term issuer default rating to F3 from B.

The upgrade reflects Atrium's strong operating performance driven by the growth economies of Central Eastern Europe and a more mature rental income stream benefiting from improved average lease tenure of 5.5 years and operational efficiencies, according to the agency.

The tenant profile continues to benefit from solid diversification with a focus on food anchor tenants, typically large European-based retail chains that pay rents in euros, mitigating currency risk, the agency added.

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