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S&P Credit Research1801 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | 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+' corporate credit rating. Our negative outlook on the ratings reflects our concern that Caremark could lose additional contracts. On Nov. 6, 2009, Standard&Poor's Ratings Services revised its outlook on CVS Caremark Corp. to negative from stable. At the same time, we affirmed the 'BBB+' corporate credit and 'A-2' short term ratings on the company. The outlook change reflects our concern that CVS Caremark's pharmacy benefits management (PBM) business may deteriorate further. The company announced that the PBM business had
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: CVS Caremark Corp. Outlook Revised To Negative; '###+' Corporate Credit Rating Affirmed Publication date: 06-Nov-2009 Primary Credit Analyst: Ana Lai, CFA, New York (1) 212-438-7895; ana_lai@standardandpoors...
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| Report Type: | Research Update
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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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| 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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- CVS Caremark Corp. $400.00
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 ...
- 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+' ...
- 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 ...
