NEW YORK (S&P Global Ratings) Aug. 11, 2025--S&P Global Ratings today assigned its ?BBB? issue-level ratings to CVS Health Corp.?s (BBB/Negative) proposed senior unsecured notes. We view the issuance to be essentially leverage neutral because we expect the company to primarily use the proceeds to repay existing debt over time. The proposed notes would improve the company?s debt maturity profile as it has $6.1 billion of debt due within 12 months as of June 30, 2025 (subsequent to the most recent quarter-end, CVS? $2.83 billion July 2025 notes were fully paid at maturity). The issuer rating of ?BBB? with a negative outlook remains unchanged. CVS? leverage peaked at about 5x in 2024 but has subsequently improved, primarily from EBITDA improvement
