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MOODY'S INVESTORS SERVICE ADJUSTS RATING OF ROUSE CONVERTIBLE DEBENTURES

MOODY'S INVESTORS SERVICE ADJUSTS RATING OF ROUSE CONVERTIBLE DEBENTURES
 COLUMBIA, Md., July 30 /PRNewswire/ -- The Rouse Company (NASDAQ: ROUS) today announced that Moody's Investors Service has adjusted downward the rating assigned to the company's convertible debentures. The new rating is Baa2, which compares to the previous rating of A3 which was assigned to the debentures shortly after their issuance in 1987.
 This latest rating reflects the slower growth in both the general economy and the real estate sector, which Moody's estimates will continue in the intermediate term. While noting the impact of the recessionary environment on real estate, Moody's also indicated that..."The Rouse Company is noted for its strong marketing and merchandising expertise, which has resulted in high occupancy rates in the 91 percent - 94 percent range recently. Also, the quality, size and diversification of its retail property portfolio, and its well- diversified tenant base enable the company to provide steady and reliable results, despite the cyclicality of the retail industry."
 Companies are traditionally compared based on the senior debt rating. A Baa2 rating on the subordinated debentures means that The Rouse Company has an implied senior debt rating of Baa1, a solid investment grade rating.
 Mathias J. Devito, chairman, president and chief executive officer of The Rouse Company, said, "Given the changes that have occurred in the national economy and the real estate sector since these convertible debentures were initially rated in 1987, we are pleased that Moody's extensive review of our business has resulted in the assignment of this solid investment grade rating."
 The Rouse Company of Columbia, Md., is the largest publicly held real estate developer in the United States with 47 million square feet of retail space and 10 million square feet of office space throughout the United States.
 -0- 7/30/92 R
 /CONTACT: Cathy A. Lickteig, vice president and director, corporate public affairs of The Rouse Company, 410-992-6326/
 (ROUS) CO: Rouse Company ST: Maryland IN: SU: RTG


PS -- NY104 -- 5370 07/30/92 18:20 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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