NEW YORK (Standard&Poor's) July 9, 2015—Standard&Poor's Ratings Services said today Walgreens Boots Alliance Inc.'s (WBA's) announcement that it will repay a portion of Walgreen Co.'s (Walgreen) outstanding unsecured notes with excess cash has no impact on the ratings on both entities. The corporate credit rating on WBA and Walgreen remains 'BBB' with a stable outlook. WBA plans to repay Walgreen's $1 billion 1.8% unsecured notes due 2017 and $750 million of its 5.25% $1 billion unsecured notes due 2019. Pro forma for the debt repayment, we estimate leverage of about 3.6x at end of August 2015, which is in line with our assessment of its financial risk profile as "significant". Following the repayment of the notes,
