Corporate Credit Rating: A/Stable/A-1 CVS Corp.'s announcement that its 2001 second quarter and full year projected results would be lower than previously forecasted has no impact on the company's credit rating or outlook. CVS modestly lowered its growth forecast for comparable-store sales and operating profits because of service issues in some major markets, a slower U.S. economy, and a mix shift. A significant portion of the slowdown is the result of a shortage of pharmacists in four of its major markets. The company has implemented strategies to recruit and retain pharmacists in those regions and to improve service levels at its stores. Standard&Poor's believes CVS's overall operations will continue to perform in line with the current ratings.
