General Growth's credit ratings downgraded

Moody's Investors Service downgraded the ratings of senior secured bank debt and senior unsecured debt three notches to 'Caa2' from 'B3,' which affects $5.9 billion of debt. Both ratings are non-investment level, or "junk" grade. The downgrades include debt at Rouse Co. LP.

Moody's said the ratings remain on review for possible downgrade.

Moody's said it has "deepening concerns" about the company's liquidity position in a tight credit market as earnings continue to be pressured by weak economic conditions.

General Growth faces $900 million of debt secured by property that becomes payable on Nov. 28 and $600 million in unsecured debt at Rouse coming due in six months.

The Chicago-based developer is working to extend the maturity date of mortgage loans due at the end of this month and seeking a sale of its Las Vegas malls, but Moody's said the outcome is uncertain.

Shares of General Growth rose 9 cents, or 26 percent, to close at 44 cents Friday.