Business Context and Reporting Period
This Form 8-K was filed by Target Corporation on March 22, 2010. The report serves as a Regulation FD disclosure regarding the delivery of monthly reports to the Trustee for the Target Credit Card Owner Trust 2005-1. The specific data period covered by the attached exhibits is the month ended February 27, 2010.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document is a procedural filing confirming the delivery of reports related to the Floating Rate Class A Asset Backed Notes, Series 2005-1, and Subordinated Interests, Series 2005-1.
Material Changes
No material changes in financial performance or position are disclosed in this filing. The report solely documents the routine submission of monthly servicer, collateral, and administrator statements for the specified asset-backed securities.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies. It is limited to the administrative disclosure of furnished exhibits.
Investor Verification Checklist
- Verify the contents of the attached Monthly Servicer's Certificate (Exhibit 20.1) for the period ended February 27, 2010.
- Review the Monthly Collateral Certificateholders' Statement (Exhibit 20.2) for details on the underlying credit card receivables.
- Examine the Monthly Administrator's Statement (Exhibit 20.3) for administrative updates regarding the Target Credit Card Owner Trust 2005-1.
- Confirm that the reports were delivered to the Trustee as required by the indenture for the Floating Rate Class A Asset Backed Notes.