Moody’s cuts General Growth Properties to ‘Ba3′ from ‘Ba2′

SAN FRANCISCO (MarketWatch) — Moody’s Investors Service on Friday lowered the senior secured bank debt rating on General Growth Properties , certain of its subsidiaries and Rouse Co. LP to Ba3 from Ba2 and their senior unsecured debt rating to Ba3 from Ba2. The ratings were also placed on review for possible further downgrade. The move reflects General Growth’s strained financial flexibility given significant near term refinancing and development funding needs, coupled with expected earnings pressure due to a likely protracted downturn in the economy, Moody’s said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Original post by Forextvblog

This entry was posted on Friday, October 3rd, 2008 at 4:11 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.