GGP Ratings Downgraded

The ratings of General Growth Properties Inc., a Chicago-based real estate investment trust, and its subsidiary Price Development Co. LP have been downgraded by Fitch Ratings and removed from Rating Watch Negative.The downgrades were as follows: GGP, senior unsecured issuer, from BB-plus to BB, and preferred stock shelf, from BB to B-plus; and Price Development, senior unsecured debt, from BBB-minus to BB-plus. The downgrades were attributed chiefly to "the company's aggressive capitalization and unencumbered asset strategy" after its acquisition of The Rouse Co., Columbia, Md. GGP's leverage increased to 81.69% at the end of 2004 from its historical range of 55%-65%, the rating agency said. Fitch can be found online at http://www.fitchratings.com.