Moody's rates General Growth Properties Ba2

Moody's Investors Service said it assigned a Ba2 rating to the proposed senior secured bank debt of General Growth Properties Inc. and its subsidiaries.

Moody's rated General Growth Properties LP's, General Growth Properties Inc.'s and GGPLP LLC's senior secured $3.9 billion term loan A, senior secured $2 billion term loan B and senior secured $250 million revolving credit facility Ba2.

Net proceeds from the proposed three-year $3.9 billion term loan A, four-year $2 billion term loan B and three-year $250 million revolving credit facility will be used by General Growth to fund its acquisition of The Rouse Co. The outlook for the proposed senior secured bank debt is stable.

According to Moody's, the strategic benefits associated with the acquisition of Rouse, such as economies of scale, higher mall sales productivity and leading market position in the U.S. regional mall sector, are balanced by the aggressive financing of the Rouse acquisition.

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