Standard & Poor's - June 26, 2009
Standard & Poor's Ratings Services today assigned its BBB+ rating to CVS Caremark’s $478.8 million 8.353% pass-through certificates due 2031. The certificates are secured by mortgage loans totaling approximately $478.8 million, encompassing 122 drug stores leased to subsidiaries of CVS Caremark Corp. (BBB+).
The rating reflects the credit quality of CVS Caremark Corp., which unconditionally guarantees the tenant's lease obligations. The transaction was evaluated as a credit-tenant loan and is dependent on the credit rating on CVS Caremark Corp. Any change in the rating on CVS Caremark Corp. will result in a change in the rating on the pass-through certificates.
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