This report does not constitute a rating action. Overview Key strengths Key risks Significant scale and presence in U.S. health care market. Litigation can arise from unexpected sources with large potential liabilities. Solid segment diversification across health insurance, pharmacy benefits, pharmacy, and front-of-store. Legislation or regulation could disrupt business model, particularly in insurance and PBM. Top market positions held by its largest businesses Aetna, CVS Pharmacy, and Caremark. Credit metrics currently at weaker end for the rating. Sizable free cash flow at a low point of nearly $5 billion. with solid visibility into improvement in the health care benefits segment. CVS has partially completed a multiyear improvement of its health care benefits segment in which it is prioritizing margins, particularly
