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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "Includes a callout box highlighting $9.2bn of total debt paydown.",
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      "kind": "callout",
      "text": "Post Spin-off, Target Corp will maintain an “A” category credit ratings profile",
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      "text": "(1) Based on $14.8bn of unsecured debt as of Q3 '08A, reduced in 4Q '08E by $2.5bn through debt pay down with free cash flow and cash on balance sheet (while maintaining $500mm minimum cash balance)\n(2) Based on 2008E EBITDAR for Target Standalone of $6.9bn and 2008E Rent Expense of $0.2bn\n(3) Based on 2010E EBITDAR for Target Corp post spin-off of $7.3bn and 2010E Rent Expense of $1.7bn",
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      "text": "Post Spin-off: Target Corp Credit Ratings",
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