On Jan. 23, 2006, Standard&Poor's Ratings Services placed its long-term ratings, including the 'A-' long-term corporate credit rating, on CVS Corp. on CreditWatch with negative implications. The 'A-2' short-term rating on the company was affirmed (this rating was not placed on CreditWatch). The CreditWatch action follows the Woonsocket, R.I.-based chain drug retailer's announcement that it has entered into a definitive agreement to acquire approximately 700 stores under the Sav-on and Osco banners from Albertson's Inc. for $3.9 billion in cash (including the property). CVS is planning on funding the transaction with short- and long-term debt, including an anticipated sale leaseback of $1.0 billion. The transaction is subject to regulatory approvals and is expected to close in the second
