General Growth Fall after missed deadline

From Yahoo! Finance: General Growth shares fall after missed deadline
Shares of troubled shopping mall owner General Growth Properties Inc. dropped Tuesday after the company missed a crucial deadline to repay $900 million in debt and saw its debt ratings downgraded further into junk status (from Caa2 to Ca).

Credit rating agency Moody's Investors Service on Monday downgraded the debt ratings for Chicago-based General Growth, which said earlier in the day it is still negotiating for an extension on the maturity date mortgage loans for two Las Vegas malls.

Why SRS dropped 25% today to its 52-week low of $61? Long on SRS.