NEW YORK (Standard&Poor's) April 29, 2004--Standard&Poor's Ratings Services today lowered its ratings on Woonsocket, R.I.-based drugstore operator CVS Corp. and removed them from CreditWatch, where they were placed with negative implications April 5, 2004. The long-term corporate credit rating was lowered to 'A-' from 'A', and the short-term corporate credit rating was lowered to 'A-2' from 'A-1'. The outlook is stable. "The downgrade reflects CVS's increased leverage due to its debt-financed acquisition of Eckerd's Southern stores and Eckerd Health Services, the operational risk of turning around over 1,200 underperforming stores, and its aggressive financial policy," said Standard&Poor's credit analyst Diane Shand. "The ratings reflect the company's solid position in the favorably regarded drugstore industry
