Watch Implications On Eight Ratings From Eight CVS-Related CMBS Deals Revised To Developing

Standard & Poors, February 2007

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) Feb. 14, 2007--Standard & Poor's Ratings Services today revised the CreditWatch implications of its ratings on eight classes of certificates from eight CVS Corp.-related CMBS transactions to developing from positive (see list). Credit tenant lease loans secured by properties leased to CVS Corp. (BBB+/Watch Dev/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 revised to CreditWatch developing from CreditWatch positive Feb. 13, 2007. RATINGS PLACED ON CREDITWATCH DEVELOPING CVS Credit Lease Backed Pass-Through Certificates Rating Class To From A-1 BBB+/Watch Dev BBB+/Watch Pos CVS Lease Pass-Through Trust 2001 7.77% pass-through certificates due Jan. 10, 2012...

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: On CreditWatch:Developing

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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