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S&P Credit Research2330 word report
published Nov 10, 2009
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S&P Credit Research
| Abstract: | Largest position in the high-growth chain drug retail industry based on sales and units; Leading position in the PBM industry; Solid growth prospects; and Strong cash flow and good liquidity. Participates in a highly competitive industry; History of acquisitions; Margins under pressure from PBMs and the government's Medicare and Medicaid programs. The ratings on CVS Caremark Corp. reflect the company's solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit management (PBM) company, diverse cash flow stream, and generally good operating performance. The company's participation in the highly competitive retail pharmacy industry, its more aggressive financial policy, possible future difficulties in retaining PBM customers, and the uncertain effect of ongoing civil and governmental investigations into the
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| Brief Excerpt: | RESEARCH Ratings Definitions CVS Caremark Corp. Publication date: 10-Nov-2009 Primary Credit Analyst: Ana Lai, CFA, New York (1) 212-438-7895; ana_lai@standardandpoors.com Major Rating Factors Corporate Credit Rating ###+/Negative/A-2...
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| Report Type: | Full Report
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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: | Global Issuers, Structured Finance
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| Country: | United States
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| Region: | United States
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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.
Also from S&P Credit Research
- Summary: CVS Caremark Corp. $175.00
The ratings on CVS Caremark Corp. reflect the company's solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit management (PBM) company, diverse cash flow stream, and generally good operating performance. ...
- CVS Caremark Corp. 'BBB+' Corporate Credit Rating Affirmed; Outlook Revised To Negative $100.00
CVS Caremark's pharmacy benefits manager (PBM) lost more contracts than expected and segment profits will likely decline in 2010. Leverage could rise to 3.0x in 2010. We are changing the outlook to negative from stable and affirming the 'BBB+' ...
- Research Update: CVS Caremark Corp. Outlook Revised To Negative; 'BBB+' Corporate Credit Rating Affirmed $175.00
CVS Caremark's pharmacy benefits manager (PBM) lost more contracts than expected and segment profits will likely decline in 2010. Leverage could rise to 3.0x in 2010. We are changing the outlook to negative from stable and affirming the 'BBB+' ...
- Summary: CVS Caremark Corp. $175.00
The ratings on CVS Caremark Corp. reflect its solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit manager (PBM), diverse cash flow stream, and generally good operating performance. These strengths ...
- CVS Caremark Corp. $400.00
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 ...
- Summary: CVS Caremark Corp. $175.00
The ratings on CVS Caremark Corp. reflect its solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit manager (PBM), diverse cash flow stream, and generally good operating performance. These strengths ...
- Bulletin: Competing Offer For Longs Drug Stores Has No Effect On CVS/Caremark Ratings $100.00
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 ...
- 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 ...
