On Jan. 17, 2007, Standard&Poor's Ratings Services said its long-term ratings on Woonsocket, R.I.-based CVS Corp., including the 'BBB+' corporate credit rating, will remain on CreditWatch with positive implications. The ratings were initially placed on CreditWatch Nov. 2, 2006, when CVS announced a definitive agreement to merge with Caremark Rx Inc. (BBB/Stable/--). The 'A-2' short-term rating on CVS is not on CreditWatch. This CreditWatch update follows CVS and Caremark's announcement that they have enhanced the value of their proposed merger. Under the revised terms, Caremark's shareholders will receive a special one-time cash dividend of $2 per share (about $850 million). In addition, the combined company will repurchase 150 million common shares (about $4.8 billion). The share repurchase will
