Fitch cuts General Growth

Fitch Ratings said it has downgraded and placed on rating watch negative the issuer default ratings and outstanding debt ratings of General Growth Properties and its subsidiaries as follows: issuer default rating to B+ from BB;

• GGP Ltd. Partnership with issuer default rating to B+ from BB, revolving credit facility to B/RR5 from BB, term loan to B/RR5 from BB, exchangeable senior notes to B/RR5 from BB and perpetual preferred stock (indicative) to CCC+/RR6 from B+;

Rouse Co. LP with issuer default rating to B+ from BB and senior unsecured notes to B/RR5 from BB.

The agency said that the rating actions are reflective of concerns surrounding the company's significant liquidity shortfall due to near-term debt maturities.

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