NEW YORK (Standard&Poor's) July 13, 2006--Standard&Poor's Ratings Services said today that Woonsocket, R.I.-based CVS Corp.'s (BBB+/Stable/A-2) announcement that it signed a definitive agreement to acquire MinuteClinic has no immediate impact on the current ratings or outlook. Minneapolis, Minn.-based MinuteClinic operates 83 retail-based health clinics in the U.S. The transaction is expected to be completed by the end of the summer. Although financial terms of the agreement were not disclosed, Standard&Poor's believes there will be minimal impact on CVS' cash flow protection measures, given the small size of the acquisition. CVS has been working with MinuteClinic for the past 18 months and has 66 clinics already in its drug channel. The acquisition will accelerate the
