Operating results at U.S. pharmacy operator CVS Caremark's retail division remain strong, largely offsetting weakness at the PBM division. We revised the outlook on CVS Caremark to stable from negative given our expectations that overall operating results will remain relatively stable due to continued strength at retail and despite ongoing operating pressure at the PBM division in 2011, resulting in relatively stable credit protection measures. The outlook revision also reflects our expectations that CVS Caremark is committed to maintaining a moderate financial policy despite an increase in share repurchases and dividend, funded with free cash flow generation NEW YORK (Standard&Poor's) May 9, 2011--Standard&Poor's Ratings Services said today that it revised its outlook on CVS Caremark Corp.
