Ratings Cut To 'BBB+' On Seven Classes From Seven CVS Corp.-Related CMBS Deals; Off Watch Neg

Standard & Poors, April 2006

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
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: Downgraded
Action: Removed From CreditWatch

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

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