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  "documentTitle": "Target Corporation (TGT)",
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      "text": "Provides a clear path back to an “A” category credit rating",
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      "text": "Optimizes ownership of land, a non-depreciable asset, through a REIT structure",
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      "text": "6. Creates over $510mm of tax savings in the first year post transaction",
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      "text": "4. Maintains an investment grade credit ratings profile",
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      "text": "(1) Assumes sale of remaining 53% interest on credit card receivables for $4.4bn on 01/01/09, with proceeds used to pay down debt",
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      "text": "PF 2008E, 2009E, 2010E, 2011E; Target Corp Adj. Debt/EBITDAR: 3.4x, 3.2x, 2.8x, 2.8x; Expected Ratings Profile: Mid-High BBB/Baa, Mid-High BBB/Baa, A-/A3, A-/A3",
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      "text": "Benefits of the October 29th Transaction (cont'd)",
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