CVS Caremark's pharmacy benefits manager (PBM) lost more contracts than expected and segment profits will likely decline in 2010. Leverage could rise to 3.0x in 2010. We are changing the outlook to negative from stable and affirming the 'BBB+' corporate credit rating. Our negative outlook on the ratings reflects our concern that Caremark could lose additional contracts. NEW YORK (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services said today it revised its outlook on CVS Caremark Corp. to negative from stable. At the same time, we affirmed the 'BBB+' corporate credit and 'A-2' short-term ratings on the company. "The outlook change reflects our concern that CVS Caremark's pharmacy benefits management (PBM) business may deteriorate further," said Standard&
