Even as General Growth Properties Inc. formally submitted its plan for redeveloping downtown Columbia this week, the company's overall credit rating was downgraded.

Standard and Poor's issued a Sept. 26 report downgrading General Growth's corporate credit rating from "BB+" to "BB." AAA is the highest rating given by Standard and Poor's; BB signifies a company "faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions" that could render it unable to meet its financial commitments, according to the company's Web site.

General Growth, the second-largest owner of U.S. shopping malls, owns the Columbia mall and six other shopping centers in Maryland.

The company also owns and develops planned communities and is the majority landowner in downtown Columbia.

A company spokesman declined to comment on the report, saying it "speaks for itself."

General Growth released a statement Sept. 22 saying it was evaluating "financial and strategic" alternatives in order to raise capital and improve its stock price. Those alternatives could include selling assets or stakes in joint ventures, among other options.

Gregory Hamm, regional vice president and general manager of Columbia for General Growth, said while he could not definitively rule out the company selling its downtown Columbia property in the future, there were no immediate plans to do so and the company was moving ahead with its redevelopment plans.

Standard and Poor's said it was downgrading General Growth because of concerns about some of its debt coming due this year and the overall crunch in capital markets.

On the positive side, Standard and Poor's noted General Growth's core business remained "solid" and the company has raised "significant funds" to refinance debt since the start of the year.

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