S&P: General Growth Properties unaffected

Standard & Poor's said its ratings on General Growth Properties Inc. (GGP, BBB-/negative) are not affected by subsidiary The Rouse Co.'s newly rated $800 million of 6¾% senior notes due 2013 (BB+).

The agency said it continues to rate the unsecured debt obligations of Rouse the same as the unsecured debt obligations of GGP.

Although a portion of the proceeds will repay a $500 million Rouse bridge loan, the remainder will be advanced to GGP to repay other short-term debt, the agency added.

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