Standard & Poor’s cut its credit rating on Chicago-based General Growth Properties Inc. further into junk territory on concerns about the mall operator’s significant near-term debt maturities amid severely constrained capital markets.
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General Growth said this week that it is considering asset sales and mergers after its stock price received a serious bruising last week. Shares closed up 6.6 percent Friday, at $17.05, but lost 20 percent for the week.
S&P lowered its corporate credit rating on General Growth one notch, to BB, and said the rating faces a significant likelihood of further downgrades.
The ratings company also warned of a possible cut to its BB-, or slightly speculative, rating on about $5 billion of General Growth’s unsecured debt.