Outlooks Revised To Stable On 11 CVS Caremark-Related CMBS Transactions After Corporate Outlook Revision
- Language: English
- Published: May 2011
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NEW YORK (Standard & Poor's) April 25, 2006--Standard & Poor's Ratings Services today lowered its ratings on seven classes of certificates from seven CVS Corp.-related CMBS transactions and removed them from CreditWatch with negative implications, where they were placed Jan. 23, 2006 (see list). Credit tenant lease loans secured by properties leased to CVS Corp. (BBB+/Stable/A-2) collateralize these transactions. CVS guarantees the underlying lease payments. As such, the ratings on the transactions are wholly dependent on the corporate credit rating of CVS, which was lowered today (see related research update, "CVS Corp. Corporate Credit Rating Cut to 'BBB+' from 'A-'; Off Watch Neg," available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.RatingsDirect.com). RATINGS LOWERED CVS Credit Lease...
Companies mentioned in this report are: CVS Credit Lease Backed Pass-Through Certificates,CVS Caremark Corp.,CVS Lease Pass-Through Trust 2001,CVS Lease Pass-Through Trust 2002,CVS Pass-Through Certificates,CVS Lease Pass-Through Trust 2003,CVS Lease Pass-Through Trust 2005
Action: Removed From CreditWatch
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CVS Credit Lease Backed Pass-Through Certificates,CVS Caremark Corp.,CVS Lease Pass-Through Trust 2001,CVS Lease Pass-Through Trust 2002,CVS Pass-Through Certificates,CVS Lease Pass-Through Trust 2003,CVS Lease Pass-Through Trust 2005