{
  "docId": "019dd923-622c-750b-8b9b-3606a0ca899b",
  "docSlug": "c0c1d47eef3b",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 49,
  "pageCount": 164,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 10,
  "notes": "The slide uses a comparison table to show how different accounting treatments of rent payments affect credit metrics and final ratings.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/49",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.86,
        "x": 0.07,
        "y": 0.8
      },
      "kind": "callout",
      "text": "To be conservative, we have assumed that the agencies will take a “De-consolidated View” and Target will maintain solid investment grade ratings in the Mid - High BBB/Baa category (versus A+/A2 rating today)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58f4e2de-ec61-4cc2-b5a2-e9b75ba8ee91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Expected Rating: Mid - High BBB/Baa",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870b-10702e9c7617",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Post-transaction, we believe Target Corp will be rated investment grade, either in the Mid - High BBB or Low A categories, depending on whether the rating agencies take a “De-consolidated” or “Consolidated” view.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93e77372-4ffb-4e06-83dc-572af143637a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.76,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "table",
      "text": "PF 2008E Credit Metrics: Lease Adj. Debt/EBITDAR 3.6x / 2.4x; Debt/EBITDA 2.3x / 2.3x; EBITDAR/(Interest + Rent) 3.2x / 7.3x; EBITDA/(Interest) 9.7x / 8.8x; Expected Rating Mid - High BBB/Baa / A- / A3",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1eb82fd2-35a7-47a3-855d-afabc67b123c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Maintains Investment Grade Credit Ratings",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2630eb74-1956-499b-b6c4-2bcd10ad9998",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "772eda19-e925-4259-859f-714ac6078c0c",
      "evidence": "The slide explicitly addresses potential concerns about credit rating downgrades post-transaction.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}