This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Jan. 28, 2026--S&P Global Ratings today said the Centers for Medicare&Medicaid Services? (CMS) recently released 2027 Advance Notice for Medicare Advantage payment rates were lower than expected and create risk to our 2027 forecast for CVS Health Corp. (BBB/Negative/--). We expect CVS? Medicare Advantage business, part of the Health Care Benefits (HCB) segment, to represent greater than $70 billion in premium revenue in 2026. We currently expect S&P Global Ratings-adjusted debt to EBITDA of 3.8x in 2026 and 3.5x for 2027, and our forecast for deleveraging reflects improving profitability in the HCB segment for 2027. If the final reimbursement is in line with the proposal,
