Moody’s might cut Atrium

Moody's Investors Service said it placed under review for downgrade the Baa3 issuer rating and the Baa3 senior unsecured bond rating of Atrium European Real Estate Ltd.

The outlook was changed to rating under review from positive.

The agency said the review follows the announcement that an agreement has been reached between an independent committee of the board of directors of Atrium and an entity controlled by Gazit-Globe Ltd. about the conditions for a cash acquisition of the share capital of Atrium that is not already owned by Gazit or its subsidiaries.

Moody’s said the review will focus on the difference in credit quality between Atrium and Gazit given Gazit's higher debt to gross asset, net debt to EBITDA ratio and its lower fixed charge cover ratio, among other things.

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