OVERVIEW We assigned a 'BBB+' rating and negative outlook to CVS Caremark's $744.4 million 7.507% pass-through certificates due 2032. The rating reflects the credit quality of CVS Caremark Corp., which unconditionally guarantees the tenant's lease obligations. NEW YORK (Standard&Poor's) Dec. 17, 2009--Standard&Poor's Ratings Services today assigned its 'BBB+' rating and negative outlook to CVS Caremark?s $744.4 million 7.507% pass-through certificates due 2032. The certificates are secured by mortgage loans totaling approximately $744.9 million, encompassing 166 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 tenants' lease obligations. We evaluated the transaction as a credit-tenant loan, and the rating is dependent on
