CVS Health Corp.'s profitability remains strong, and management is using excess cash flow in part toward debt repayment. We anticipate S&P adjusted leverage will decline to the low-3x area by the end of fiscal 2021 and cash from operations will remain significant at more than $12 billion annually, given CVS' stable and robust operating model. We affirmed our issuer credit rating and all issue-level ratings on CVS at 'BBB'. The positive outlook reflects our expectation that the company will continue evolving into a multi-channel integrated health services company going forward. This will include a focus on improving the consumer experience through better health outcomes and lower medical costs, including through its digital platforms. A CEO transition to Karen Lynch (formerly
