General Growth Properties (GGP) Continues Lower On Debt Maturity Concerns
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General Growth Properties Inc. (NYSE: GGP) continues to be under heavy pressure on credit concerns. Shares of GGP are down nearly 50% today on concerns about the company's near-term debt maturities.
Yesterday, General Growth's CFO Bernard Freibaum was replaced and the company temporarily suspended the common stock dividend.
Yesterday afternoon, S&P downgraded the company's credit ratings. S&P said, "General Growth has roughly $1.2 billion of debt that comes due through the end of 2008, and the company lacks a clearly articulated plan to address these debt maturities. In light of the recent departure of the company's chief financial officer and volatility in the capital markets, we believe that refinancing will be a challenge. In our view, the company may need to be meaningfully recapitalized in the medium term, given its current high leverage levels and roughly $7 billion of additional maturities in 2009 and 2010."
Shares of General Growth Properties are down 48% currently to $4.02 and are down nearly 75% over the past 5 days on the credit issues.
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