NEW YORK (S&P Global Ratings) Oct. 20, 2016--S&P Global Ratings said today that its ratings and outlook on Walgreens Boots Alliance Inc. (BBB/Negative/A-2) are unaffected by the company's expectations for cost savings and overall fourth quarter results. The company indicated that its cost transformation program will deliver anticipated cost savings of $1.5 billion by fiscal year-end 2017, which we view as credit positive. Walgreens continues to generate strong earnings and cash flows, a trend we expect to continue in the next year despite reimbursement rate pressures and some softness in U.S. retail sales. We think the company's retail strategies and cost initiatives, including omnichannel plans, should allow it to generate EBITDA margins between 8% to 9% in fiscal 2017 and
