Eight Ratings From Five J.C. Penney Co. Inc.-Related Transactions Lowered To 'BB' Mar 12

Standard & Poors, March 2012

Abstract
NEW YORK (Standard & Poor's) March 15, 2012--Standard & Poor's Ratings Services today lowered its ratings on eight classes from five J.C. Penney Co. Inc.-related transactions to 'BB' from 'BB+' (see list). Our ratings on the five transactions are dependent on our rating on the underlying security, J.C. Penney Co. Inc.'s 7.625% debentures due March 1, 2097 ('BB'). Today's rating actions reflect the March 7, 2012, lowering of our rating on the underlying security to 'BB' from 'BB+'. We may take subsequent rating actions on these transactions following changes in our rating assigned to the underlying security. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed...

Companies mentioned in this report are: CABCO Trust for JC Penney Debentures ,CorTS Trust For J.C. Penney Debentures,Corporate Backed Callable Trust Certificates J C Penney Debenture-Backed Series 2006-1,Corporate Backed Callable Trust Certificates J.C. Penney Debenture Backed Series 2007-1 Trust,Structured Asset Trust Unit Repackaging (SATURNS) J.C. Penny Company
Action: Downgraded

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.

CABCO Trust for JC Penney Debentures ,CorTS Trust For J.C. Penney Debentures,Corporate Backed Callable Trust Certificates J C Penney Debenture-Backed Series 2006-1,Corporate Backed Callable Trust Certificates J.C. Penney Debenture Backed Series 2007-1 Trust,Structured Asset Trust Unit Repackaging (SATURNS) J.C. Penny Company

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