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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Includes a callout box highlighting the target rating of A-/A3 by 2011E.",
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      "text": "Despite temporarily having a lower credit rating than today, (1) Target Corp will not need access to capital because it will be significantly free cash flow positive after growth capex and (2) it will be able to deleverage back to an “A” category credit rating in a short time frame",
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      "text": "TIP REIT will be required to fund land capex for the first two years after the spin-off. Thereafter, TIP REIT will be Target Corp’s land developer through its Preferred Vendor Agreement. As such, Target Corp will generate significant free cash flow and will likely deleverage to an A-/A3 ratings profile after two years",
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