Ratings Cut To 'BBB+' On Seven Classes From Seven CVS Corp.-Related CMBS Deals; Off Watch Neg Apr 06
- ID: 1721111
- April 2006
- Standard & Poors
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 Health Corp.
- CVS Pass-Through Certificates
- CVS Lease Pass-Through Trust 2003
- CVS Lease Pass-Through Trust 2005
Action: Removed From CreditWatch
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Research type: News
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