S&P may cut Simon Property

Standard & Poor's said its ratings on Simon Property Group and its related entities remain on CreditWatch with negative implications following news of the company's revised offer to invest in a General Growth Properties Inc. reorganization plan.

S&P initially placed the ratings on CreditWatch in February following the company's initial offer for the bankrupt mall operator.

The agency said it remains concerned that an acquisition of this size could cause Simon's credit metrics to deteriorate, as the company could ultimately assume some portion of Growth Properties' largely secured debt obligations or incur additional debt.

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