...December 7, 2020 NEW YORK (S&P Global Ratings) Dec. 7, 2020--S&P Global Ratings today assigned its '###' issue-level rating to pharmacy and health services provider CVS Health Corp.'s proposed senior unsecured notes. We expect the company to use an anticipated $2 billion of proceeds from these notes, along with cash from its balance sheet, to tender about $4 billion of its existing notes maturing in 2023, 2025, and 2028. The transaction will involve tapping the 1.3% 2027 notes it issued in August 2020 and issuing new 10-year notes. The refinancing will both reduce the company's debt and generate interest expense savings. The company's latest earnings for the quarter ended Sept. 30, 2020, were in line with our expectations, including a 3.5% increase in its total revenue. CVS' company-calculated adjusted operating income decreased by 8.2% due to a decline in its health care benefits segment, though we believe the trends in this segment will normalize as patients resume regular doctor and...
