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General Growth Downgraded; Feldman to Stop Filing Public Reports

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Some quick news bites to start the day.

Moody's downgraded General Growth.

Moody's Investors Service downgraded the ratings of senior secured bank debt and senior unsecured debt three notches to 'Caa2' from 'B3,' which affects $5.9 billion of debt. Both ratings are non-investment level, or "junk" grade. The downgrades include debt at Rouse Co. LP.

Moody's said the ratings remain on review for possible downgrade.

Moody's said it has "deepening concerns" about the company's liquidity position in a tight credit market as earnings continue to be pressured by weak economic condition.

Feldman Mall Properties has a tenative deal to sell three malls. It also will stop filing public reports.

Feldman said also that as a cost-cutting move, its board has voted to stop filing reports required by the Securities and Exchange Commission. As a result, the company said, its shares will no longer be traded on the Over-the-Counter Bulletin Board. They will, however, continue to be quoted on the Pink OTC Markets, a privately owned company formerly known as Pink Sheets.

Feldman said it will continue to provide quarterly and annual financial information to shareholders.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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