NEW YORK (S&P Global Ratings) Oct. 13, 2022--S&P Global Ratings said today that Walgreens Boots Alliance Inc.'s (BBB/Stable/--) results for its fourth quarter and full fiscal year ended Aug. 31, 2022 (fiscal 2022), were in line with our expectations. We believe the company will trend below our 4x downside threshold over the coming years. Walgreens continues its evolution from front-end retail pharmacy to a broader consumer-focused health care company. It raised its U.S. health care sales target to $11 billion-$12 billion for fiscal 2025. That segment had $1.8 billion in sales in the past year. The company is also rolling out its VillageMD clinics, with 342 now open, and saw U.S. digital sales grow 14% in the fourth quarter. We
