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S&P Credit Research426 word report
published Sep 15, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Sept. 15, 2008—Standard&Poor's Ratings Services said today that Walgreen Co.'s (A+/Watch Neg/--) competing higher offer to purchase Longs Drug Stores Corp. (not rated) in a transaction valued at about $3.0 billion has no effect on our ratings on CVS/Caremark Corp. (BBB+/Stable/A-2). Woonsocket, R.I.-based CVS has extended the expiration for its tender offer to purchase Longs to Oct. 15, 2008, and the purchase price remains at $2.9 billion, including the assumption of net debt. Although it is uncertain whether CVS will make a revised offer for Longs, an upsized offer funded with incremental debt that results in total debt to EBITDA increasing to pro forma debt leverage of over 3.4x from 3.2x currently could
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Competing Offer For Longs Drug Stores Has No Effect On CVS/Caremark Ratings Publication date: 15-Sep-2008 Primary Credit Analyst: Ana Lai, CFA, New York (1) 212-438-7895; ana_lai@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | CVS
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| Issuer: | CVS Caremark Corp.
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| GICS: | Drug Retail (30101010)
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| Sector: | Commercial MBS, Corporations, Financial Institutions, Global Issuers, Health Care, Retail, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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Largest position in the high-growth chain drug retail industry based on sales and units; Leading position in the pharmacy benefit management (PBM) industry; Solid growth prospects; and Strong cash flow and good liquidity. Participates in a ...
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- CVS Caremark Corp. 'BBB+' Corporate Credit Rating Affirmed; Stable Outlook $100.00
NEW YORK (Standard&Poor's) Aug. 13, 2008--Standard&Poor's Ratings Services said today it affirmed its ratings on Woonsocket, R.I.-based CVS Caremark Corp, including its 'BBB+' corporate credit rating. The affirmation follows the announcement ...
