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CHICAGO — Shares of General Growth Properties Inc. declined 42 percent Tuesday amid speculation the company may not be able to refinance $1.2 billion in debt coming due this year, said Jeffrey Laverty, an analyst at Oscar Gruss & Son in New York, who has a “sell” rating on the company’s shares.
The company owns Park Meadows and Southwest Plaza malls in the metro area, Chapel Hills Mall in Colorado Springs and Foothills Mall in Fort Collins.
Standard & Poor’s cut its corporate credit rating on General Growth on Monday to B+ from BB. A restructuring “is inevitable,” Laverty said.
