| Title: | Bulletin: Target Corp. Ratings Unaffected By Credit Card Receivables Stake Sale To JPMorgan Chase |
| Price: | $100.00 |
| Publication Date: | May 06, 2008 |
| Report Type: | News |
| Abstract: | NEW YORK (Standard&Poor's) May 6, 2008--Standard&Poor's Ratings Services said today that the current ratings and outlook on discounter Target Corp. (A+/Stable/A-1) would not be affected by its announcement that it has signed an agreement to sell a 47% interest in its credit card receivables to JPMorgan Chase for $3.6 billion. JPMorgan Chase will be assuming the risk of the receivables it is purchasing. The transaction has a five-year term, at the end of which—unless extended—JPMorgan will receive principal payments for its invested capital, while Minneapolis-based Target would solely fund new receivables. Subject to portfolio performance, we expect repayment to be completed by the sixth anniversary of closing. This means that risk will be transferred back to |
| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Target Corp. Ratings Unaffected By Credit Card Receivables Stake Sale To JPMorgan Chase Publication date: ##-May-#### Primary Credit Analyst: Diane Shand, New York (#) ###-###-####; diane_shand@standardandpoors.com... |
| Word Count: | 574 |
| Ticker: | TGT |
| Issuer: | Target Corp. |
| GICS: | General Merchandise Stores (25503020) |
| Sector: | Global Issuers, Corporations, Retail |
| Country: | United States |
| Region: | United States |
| Format: | 
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