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S&P Credit Research1162 word report
published Jun 29, 2009
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S&P Credit Research
| Abstract: | 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 are partially offset by the company's participation in the highly competitive retail pharmacy industry, its more aggressive financial policy, and the uncertain impact of ongoing civil and governmental investigations into the practices of PBMs. Standard&Poor's Ratings Services expects the new Longs Drugs Stores to be successfully integrated, given CVS Caremark's track record in integrating acquired retail stores. We believe the addition of over 500 Longs stores is largely complementary to CVS Caremark's existing store base and provides an entry into key markets in
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: CVS Caremark Corp. Publication date: 29-Jun-2009 Primary Credit Analyst: Ana Lai, CFA, New York (1) 212-438-7895; ana_lai@standardandpoors.com Credit Rating: ###+/Stable/A-2 Rationale The ratings...
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| Report Type: | Summary
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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.
Also from S&P Credit Research
- 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+' ...
- 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 ...
- Research Update: CVS Caremark Corp. 'BBB+' Corporate Credit Rating Affirmed; Outlook Stable $175.00
On Aug. 13, 2008, Standard&Poor's Ratings Services affirmed its ratings on Woonsocket, R.I.-based CVS Caremark Corp, including its 'BBB+' corporate credit rating. The affirmation follows the announcement that CVS Caremark will acquire Longs ...
- Summary: CVS/Caremark Corp. $175.00
The ratings on Woonsocket, R.I.-based 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. ...
