On July 3, 2002, Standard&Poor's assigned its single-'A' rating to CVS Corp.'s $650 million senior unsecured revolving credit facility that matures in May 2003. At the same time, Standard&Poor's affirmed its single-'A' long-term corporate credit and senior unsecured debt ratings on CVS, its single-'A' rating on the company's $650 million multi-year credit facility, and its 'A-1' short-term corporate credit and commercial paper ratings on the company. The outlook is negative. The $650 million 364-day senior unsecured revolving credit agreement is rated the same as the corporate credit and senior unsecured debt ratings. Because the facility is unsecured, the bankers would fare the same as other senior creditors in the event of a default. Currently ample asset
