...September 30, 2025 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Sept. 30, 2025--S&P Global Ratings today said that CVS Health Corp. (###/Negative/A-2) subsidiary Omnicare Inc.'s Chapter 11 filing is slightly positive for CVS' creditworthiness. Omnicare intends to use the Chapter 11 process to address its litigation liabilities, which total nearly $1 billion following a July 2025 federal court ruling that ordered it to pay penalties and damages for filing fraudulent claims to Medicare and Medicaid. In addition, we believe the Chapter 11 process could involve a restructuring or sale of the business. We think this process could cap or reduce the company's litigation liabilities, although it is uncertain what the bankruptcy court will decide. We think this is neutral to slightly positive for CVS from a credit perspective. We also do not think the filing will materially affect CVS' operating results, given that it is not involved in the Chapter 11 filing and...
