Moody’s revises Atrium view upwards

Moody’s Investors Service said it confirmed Atrium European Real Estate Ltd.’s Baa3 long term issuer and senior unsecured ratings and changed the outlook to positive from ratings under review.

This rating action concludes the review for downgrade initiated July 25. The review was initiated following the announcement of a possible acquisition by Gazit-Globe Ltd. (Gazit) of the about 40% share capital of Atrium that is not already owned by Gazit or its subsidiaries. On Oct. 25, the company announced that the Gazit acquisition did not receive the required level needed.

“The positive outlook reflects the company’s moderate 38.9% leverage at 30 June 2019, as measured by Moody’s-adjusted gross debt / total assets, and strong 3.8x Moody’s-adjusted fixed charge coverage. The outlook further reflects Moody’s expectation that the company will continue to generate stable cash flow, maintain good liquidity while keeping high occupancy levels and a balanced growth strategy. Continued progress on the repositioning of the portfolio including a reduction or disposal of the Russian exposure will improve portfolio quality and could lead to a higher rating,” said Moody’s in a press release.

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