On April 29, 2004, Standard&Poor's Ratings Services lowered its ratings on Woonsocket, R.I.-based drugstore operator CVS Corp. and removed them from CreditWatch, where they were placed with negative implications April 5, 2004. The long-term corporate credit rating was lowered to 'A-' from 'A', and the short-term corporate credit rating was lowered to 'A-2' from 'A-1'. The outlook is stable. The downgrade reflects CVS's increased leverage due to its debt-financed acquisition of Eckerd's Southern stores and Eckerd Health Services, the operational risk of turning around over 1,200 underperforming stores, and its aggressive financial policy. The ratings reflect the company's solid position in the favorably regarded drugstore industry and its generally good operating performance. CVS, with almost 5,500 units (pro
