Ratings On Eight Classes From Five J.C. Penney Co. Inc.-Related Transactions Lowered

NEW YORK (S&P Global Ratings) Sept. 12, 2019--S&P Global Ratings today lowered 
its ratings on eight classes from five transactions linked to J.C. Penney Co. 
Inc. debentures to 'CCC-' from 'CCC' (see list).

Our ratings on all eight classes of certificates are dependent on our rating 
on the underlying security, J.C. Penney Co. Inc.'s 7.625% debentures due March 
1, 2097 ('CCC-').

Today's rating actions reflect the Aug. 28, 2019, lowering of our rating on 
the underlying security to 'CCC-' from 'CCC'. For more information, see "J.C. 
Penney Corp. Inc. Lowered To 'CCC' On Greater Risk For Debt Restructuring On 
Industry Headwinds, Outlook Negative," published Aug. 28, 2019.

We may take additional rating actions on these transactions due to subsequent 
changes in our rating assigned to the underlying security. 
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