Leading position in the high-growth chain drug retail industry; Strong position in the PBM industry; and Strong cash flow and good liquidity. Participates in a highly competitive industry; History of acquisitions; and Margins pressure from PBMs and the government's Medicare and Medicaid. The ratings on CVS Caremark Corp. reflect Standard&Poor's Ratings Services' expectations that solid operating performance at the retail segment will largely offset weakness at the pharmacy benefit management (PBM) segment, and the company will maintain a moderate financial policy commensurate with the rating. We view CVS' business risk profile as strong, supported by its solid position in the favorably regarded drugstore industry, leading position as a PBM company, diverse cash flow stream, and generally good operating
