Holds the largest position in the high-growth chain drug retail industry based on sales and units; Leading position in the pharmacy benefit management (PBM) industry; Solid growth prospects; and Strong cash flow and good liquidity. Participates in a highly competitive industry; Uncertainty regarding the impact of ongoing civil and governmental investigations into the practices of PBMs; and Cash flow protection measures deteriorated due to debt-financed acquisitions and share repurchases. The ratings on Woonsocket, R.I.-based CVS/Caremark Corp. reflects its solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit manager (PBM), diverse cash flow stream, and its generally good operating performance. These strengths are partially offset by the integration risk of the CVS and Caremark merger and
