NY -- Standard&Poor's CreditWire 10/24/95 -- Standard&Poor's single-`A'-plus senior debt and `A-1' commercial paper ratings of Melville Corp. remain on CreditWatch with negative implications. The ratings originally were placed on CreditWatch July 27, 1995. About $300 million of debt is affected. Melville has since announced its strategic restructuring plan, which includes separating into three retail companies. Based on a preliminary assessment, the new chain drug holding company (which will retain the rated debt) appears to be of investment-grade credit quality. This company will initially be comprised of the CVS drugstore chain, Linens `n Things, and Bob's (family apparel stores). CVS, which Standard&Poor's had viewed as Melville's strongest operation, ranks in the top tier of
