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'BBB+ (sf)' Rating Assigned To $494.1 Million CVS Lease-Backed Pass-Through Series 2011 Trust Certificates Dec 11
Standard & Poors, Dec 2011
Abstract
OVERVIEW We assigned a 'BBB+ (sf)' rating to CVS Lease-Backed Pass-Through Series 2011 Trust's $494.1 million pass-through certificates due 2034. The rating reflects the credit quality of CVS Caremark Corp., which unconditionally guarantees the tenant's lease obligations. NEW YORK (Standard & Poor's) Dec. 21, 2011--Standard & Poor's Ratings Services today assigned its 'BBB+ (sf)' rating to CVS Lease-Backed Pass-Through Series 2011 Trust's $494.1 million 5.926% pass-through certificates due 2034. The certificates are secured by mortgage loans totaling $494.1 million related to 112 drug stores leased to subsidiaries of CVS Caremark Corp. (BBB+/Stable/A-2). The rating reflects the credit quality of CVS Caremark Corp., which unconditionally guarantees the lessees' lease obligations. We evaluated the transaction as a credit-tenant loan securitization, and the...
Companies mentioned in this report are: CVS Lease-Backed Pass-Through Series 2011 Trust
Action: New Rating
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.
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