EANS-News: Atrium European Real Estate Limited / Credit Rating Update

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Company Information

St Helier Jersey / Channel Islands (euro adhoc) - Credit Rating
Update

Jersey, 18 February 2011. Atrium European Real Estate Limited
("Atrium" or the "Company") (VSE/Euronext: ATRS), one of the leading
real estate companies focused on shopping centre investment,
management and development in Central and Eastern Europe, is pleased
to announce that, following a meeting with the Company, Standard &
Poor's Ratings Services ("S&P") has affirmed Atrium's Long-term 'BB',
and Short-term 'B' corporate credit ratings. At the same time S&P
has removed Atrium's 'Creditwatch negative' outlook and upgraded it
to 'Stable'.

A copy of the S&P press release is below:

"We have met with the management of Atrium European Real Estate Ltd.
(Atrium) to discuss Atrium's ongoing legal dispute with Meinl Bank
and the measures that Atrium has taken to address the timeliness and
reliability of its disclosure.

* We now believe that the legal dispute between Atrium and Meinl Bank
is unlikely to have a material effect on Atrium's credit quality over
the short to medium term.

* We are therefore affirming the 'BB' long-term and 'B' short-term
corporate credit ratings on Atrium and removing them from CreditWatch
negative. * The stable outlook reflects our view that Atrium will
continue to exhibit a steady operating performance.

LONDON (Standard & Poor's) Feb. 18, 2011--Standard & Poor's Ratings
Services said today that it affirmed its 'BB' long-term and 'B'
short-term corporate credit ratings on Atrium European Real Estate
Ltd. (Atrium). At the same time, we removed the ratings from
CreditWatch, where they had been placed with negative implications on
Jan. 31, 2011. The outlook is stable.

"The rating affirmation reflects our greater clarity on Atrium's
strategy for dealing with its ongoing legal dispute with Meinl bank,
as well as our view of the company's stable operating performance and
adequate liquidity," said Standard & Poor's credit analyst Amra
Balic. "It also reflects our consideration of the lack of information
provided by Atrium on the non payment of interest on its 2008 bond
issued to Meinl Bank in the broader context of the legal dispute with
Meinl Bank."

Atrium owns, manages, and develops retail real estate properties in
Central and Eastern Europe. On Sept. 30, 2010, the market value of
Atrium's portfolio was E2.2 billion. Atrium is reportedly subject to
litigation dating back to its existence as Meinl European Land.

Our assessment of Atrium's business risk profile as fair has not
changed. Although Atrium has put most development activities on hold,
we anticipate that it will continue to invest in new and existing
assets.

We assess Atrium's financial risk profile as significant, based on
its credit ratios. However, in the future, our assessment of the
company's financial risk profile will also depend on the quality and
timeliness of disclosure, our reappraisal of the company's financial
policy, and our view of corporate governance.

In our view, Atrium should continue to exhibit a stable operating
performance and an improved capital structure. We think that Atrium
will likely maintain conservative leverage until it successfully
completes its large development pipeline, and until its portfolio of
standing retail real estate assets begins to generate a relatively
stable stream of rental income. In addition, we anticipate that the
company will likely maintain an internal liquidity cushion sufficient
to meet any unexpected shortfalls in income or cost overruns in its
development projects.

We could raise the ratings if we see that Atrium continues to limit
its development activities, cash flow metrics improve, and market
conditions show signs of a substantial and sustainable recovery. We
also intend to evaluate developments in the company's corporate
governance structure and any residual litigation risk before
considering an upgrade.

Alternatively, we could lower the ratings if in particular we see a
prolonged market downturn or any material increase in discretionary
spending over the short term, or if unexpected changes in the capital
structure or corporate governance hamper investors' still-fragile
confidence in the company."

For further information:
Financial Dynamics: +44 (0)20 7831 3113
Richard Sunderland
Laurence Jones
Will Henderson
Richard.sunderland@fd.com

This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.

Atrium is established as a closed-end investment company domiciled in
Jersey. Atrium is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Supervision Act (Wet op het financieel toezicht). All
investments are subject to risk. Past performance is no guarantee of
future returns. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results. The Dutch
and Austrian paying agent of Atrium is Kempen & Co. N.V.,
Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands.

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / official market