S&P: Rouse notes cut to junk, General Growth, Rouse off watch

Standard & Poor's said it removed its ratings on General Growth Properties Inc. and the Rouse Co. from CreditWatch negative following the Nov. 12 completion of the merger of the two companies.

At the same time, S&P said the BBB- corporate credit rating and BB+ senior unsecured debt rating for General Growth Properties and BB+ senior unsecured debt of Rouse is affirmed. Additionally, the rating assigned to roughly $1.7 billion of existing Rouse senior unsecured notes is lowered to BB+ from BBB-. The outlook is negative.

S&P said the merger will strengthen General Growth's market position and is expected to provide operating economies of scale and increase General Growth's influence with its retail tenants.

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