Fitch gives General Growth loan BB

Fitch Ratings said it assigned the following ratings for new credit facilities entered into by General Growth Properties, Inc. (GGP): $650 million revolving credit facility due 2010 at BB and $2.85 billion term loan A-1 due 2010 at BB.

Following repayment of GGP's existing term loans and termination of the existing revolving credit facility, Fitch added it will withdraw the BB ratings for those facilities that are being replaced.

The outlook is stable.

In addition, Fitch said it also affirms the following ratings for GGP's subsidiaries, also with a stable outlook: Rouse LP's senior unsecured bonds BB and Price Development Co. LP's senior unsecured bonds BB+.

GGP's strengths center on its excellent track record as an operator of regional shopping malls, the agency noted.

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