Shares of General Growth Properties Inc., the owner of Ala Moana Center and Ward Centers, fell sharply for the second day in a row as investors continued to show their concern over the company's ability to repay its debt.

Chicago-based General Growth declined 42 percent amid speculation the company may not be able to refinance $1.2 billion in debt coming due this year, Jeffrey Laverty, an analyst at Oscar Gruss & Son told Bloomberg News Service. The New York-based Laverty has a "sell" rating on the company's shares.

Standard & Poor's cut its corporate credit rating on General Growth yesterday to B+ from BB. A restructuring "is inevitable," Laverty said."It's more than likely they get wiped out," Laverty said of General Growth shareholders.The difficulty in obtaining credit, falling real estate values and concern over the slowing U.S. economy have sparked declines in real estate investment trusts over the past year.