S&P cuts General Growth

Standard & Poor's said it lowered its corporate credit rating on General Growth Properties Inc. to CCC+ from B+.

Concurrently, the agency said it lowered its unsecured debt rating on General Growth to CCC from B, affecting roughly $5 billion of the company's unsecured debt, while all ratings remain on Creditwatch with negative implications.

The downgrades reflect its heightened concern regarding the company's near-term debt maturities given the continued severe lack of liquidity in the capital markets, S&P said, adding that although General Growth's recent press release regarding management changes and the marketing of trophy assets for sale indicates a more aggressive stance toward addressing its recapitalization needs, significant uncertainty remains as to how the company will raise additional capital.

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