CVS Health Corp.'s Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Feb. 13, 2023--S&P Global Ratings today assigned its 'BBB' issue-level rating to diversified health solutions company CVS Health Corp.'s proposed senior unsecured notes. We expect the company will use proceeds from these notes for general corporate purposes, including to fund a portion of the purchase price for its pending acquisition of Signify Health, which it announced in September 2022. Separately, we note that last week CVS announced plans to acquire Oak Street Health Inc. for cash in a transaction valued at about $10.6 billion. We expect the transaction will close in 2023. Oak Street employs about 600 primary care providers and operates 169 medical centers across 21 states. CVS reported fourth-quarter and full-year 2022 results

...- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012 - General Criteria: Principles Of Credit Ratings, Feb. 16, 2011...

Ratings Action