General Growth Properties' subsidiary triggers credit event

Isda published an announcement today that there will be a credit default swap auction protocol to settle derivatives trades referencing Rouse, a subsidiary of General Growth Properties.

While the company's immediate debt amounts were not available, Isda noted that Rouse failed to make an interest payment of $2 billion on 16 March. According to a 10K filing on 27 February 2009, General Growth Properties holds approximately $24.8 billion in outstanding debt. A 10K filing on 18 April 2006 notes Rouse holding approximately $6.5 billion in total outstanding debt.