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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Page 139 of the deck.",
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      "text": "Regardless of the analytical approach adopted by the Agencies, we believe that Target Corp will maintain Investment Grade credit ratings",
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      "text": "Under a 'De-consolidated' methodology, Agencies are expected: To review Target Corp and TIP REIT independently; To assign independent ratings to both Target Corp and TIP REIT, although we anticipate that there will be some ratings linkage between the two",
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      "text": "Under a 'Consolidated' methodology, Agencies are expected: To review metrics of the consolidated group where lease payments between Target Corp and TIP REIT are expected to 'cancel out'; To assign the consolidated group's rating to both Target Corp and TIP REIT",
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      "text": "Regardless of the analytical approach, we believe: Target Corp will maintain solid Investment Grade credit ratings (Between Mid-High BBB/Baa to A-/A3); TIP REIT will achieve Investment Grade credit ratings",
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      "text": "Under any scenario, we anticipate that Target Corp will generate significant free cash flows with ability to deleverage to credit metrics supportive of stronger Investment Grade ratings over the near to intermediate term",
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