S&P Lwrs Rtgs on 2 J.C. Penney Co.-Rel Synth Deals.Business Editors NEW YORK--(BUSINESS WIRE)--June 5, 2003 (Standard & Poor's)--Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today lowered its ratings on CABCO CABCO California Breast Cancer Organizations Trust For J.C. Penney Pen·ney , James Cash 1875-1971. American business executive who built the J.C. Penney chain and pioneered the practice of employee profit-sharing. Debentures Series 1999-1 and CorTS Trust For J.C. Penney Debentures to 'BB+' from 'BBB-' (see list). The lowered ratings follow the lowering of J.C. Penney Co. Inc.'s corporate credit and senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. ratings May 29, 2003. Both synthetic issues are weak-linked to the underlying collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , J.C. Penney Co. Inc.'s senior unsecured debt. The lowered ratings reflect the credit quality of the underlying securities issued by J.C. Penney Co. Inc. A copy of the J.C. Penney Co. Inc.-related press release, dated May 29, 2003, can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system.
RATINGS LOWERED
CABCO Trust For J.C. Penney Debentures Series 1999-1
$52.65 million trust certificates
Rating
Class To From
Certs BB+ BBB-
CorTS Trust For J.C. Penney Debentures
$100 million corporate-backed trust securities (CorTs) certificates
Rating
Class To From
Certs BB+ BBB-
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