NEW YORK (Standard&Poor's) July 3, 2002--Standard&Poor's said today that it assigned its single-'A' rating to CVS Corp.'s $650 million revolving credit facility that matures in May 2003. At the same time, Standard&Poor's affirmed its single-'A' long-term and its 'A-1' short-term corporate credit ratings on Woonsocket, R.I.—based CVS, the nation's top chain drug retailer. The outlook is negative. The company had $1.5 billion of funded debt outstanding as of March 30, 2002. "The ratings on CVS reflect the company's leading position in the favorably regarded drug store industry and the belief that management is committed to maintaining a moderate financial policy," said Standard&Poor's analyst Diane Shand. The company has historically generated consistent operating
