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S&P drops General Growth
Standard & Poor's said it lowered its corporate credit rating on General Growth Properties Inc. to B+ from BB.
At the same time, the agency said it lowered its rating on the company's unsecured debt to B from BB-, affecting roughly $5 billion of securities.
The recovery rating assigned to the company's unsecured debt remains unchanged at 5, the agency said, adding that all of its General Growth-related ratings remain on Creditwatch with negative implications.
The agency noted that General Growth has roughly $1.2 billion of debt that comes due through the end of 2008, and the company lacks a clearly articulated plan to address these debt maturities.
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