OVERVIEW We assigned a preliminary 'BBB+' rating and negative outlook to CVS Caremark's $338.1 million pass-through certificates due 2033. The preliminary rating reflects the credit quality of CVS Caremark Corp., which unconditionally guarantees the tenant's lease obligations. NEW YORK (Standard&Poor's) Dec. 10, 2010--Standard&Poor's Ratings Services has assigned its preliminary 'BBB+' rating and negative outlook to CVS Caremark's $338.1 million pass-through certificates due 2033. The certificates are secured by mortgage loans totaling approximately $338.1 million related to 77 drug stores leased to subsidiaries of CVS Caremark Corp. (BBB+/Negative/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 rating
