How low can they go? General Growth debt downgraded again

This time Moody's cuts rating; death watch continues

Last week Fitch's downgraded the debt of Elk Grove Promenade mall developer General Growth Properties (GGP). Today Moody's Investors Service did the same.

Moody's downgraded GGP's senior secured and unsecured debt, which is in the billions, to Ca, or highly speculative. The downgrade indicates that Moody's analysis shows that GGP debt holders are likely to incur high than average losses.

GGP closed down 19 cents to $1.66. GGP's 52 week high is $44.23.