The Real Deal Miami

Mall landlord gets credit downgrade

December 10, 2008 10:56AM

Fitch Ratings cut its credit rating for General Growth Properties, which owns several South Florida malls. The ratings agency warned a default could be imminent. In mid-November, General Growth said it might seek bankruptcy protection from its creditors as it tries to refinance its debt. Among the 200 properties it owns are Bayside Marketplace in Miami, Village of Merrick Park in Coral Gables, Pembroke Lakes Mall in Pembroke Pines and Mizner Park in Boca Raton.