...August 12, 2020 NEW YORK (S&P Global Ratings) Aug. 12, 2020--S&P Global Ratings today assigned its '###' rating to pharmacy and health services provider CVS Health Corp.'s proposed senior unsecured notes. We expect the company to use an anticipated $4 billion in proceeds from these notes plus balance sheet cash to tender for about $6 billion in existing notes maturing in 2023 and 2025. The refinancing will both reduce debt and push out maturities, with new seven-, 10-, and 20-year tranches expected. The company's latest earnings for the quarter ended June 30, 2020 were in line with our expectations, including total revenues increasing 3%. Company-calculated adjusted operating income increasing 32.2%, ahead of what we previously expected, but we believe trends will normalize as patients resume doctor and hospital visits and drive up health care costs at Aetna. CVS met our deleveraging expectation in fiscal 2019 and we expect this trend will continue as it uses ample cash flow to repay debt....
