Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed

Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed
Published May 21, 2026
10 pages (4618 words) — Published May 21, 2026
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

CVS Health Corp. (CVS) delivered solid results in the first quarter of 2026, with last-12-month S&P Global Ratings-adjusted debt to EBITDA of 3.8x. This quarter marks the first with leverage below the 4.0x downgrade threshold since 2023, primarily resulting from improved profitability in the healthcare benefits segment. We think CVS will continue to grow EBITDA and prioritize deleveraging until its S&P Global Ratings-adjusted debt to EBITDA reaches the mid- to low-3x area in the next 12-24 months. Therefore, we revised our outlook to stable from negative. We also affirmed all of our ratings, including the ?BBB? long-term issuer credit rating. The stable outlook reflects our expectation for S&P Global Ratings-adjusted debt to EBITDA to remain at 3.0x-4.0x over the next

  
Brief Excerpt:

...CVS Health Corp. (CVS) delivered solid results in the first quarter of 2026, with last-12-month S&P Global Ratings-adjusted debt to EBITDA of 3.8x....

  
Report Type:

Research Update

Ticker
CVS
Issuer
CVS Health Corp.
GICS
Health Care Services (35102015)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed" May 21, 2026. Alacra Store. Nov 08, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CVS-Health-Corp-Outlook-Revised-To-Stable-From-Negative-On-Improving-Margins-And-Deleveraging-BBB-Rating-Affirmed-3566711>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: CVS Health Corp. Outlook Revised To Stable From Negative On Improving Margins And Deleveraging; 'BBB' Rating Affirmed May 21, 2026. New York, NY: Alacra Store. Retrieved Nov 08, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CVS-Health-Corp-Outlook-Revised-To-Stable-From-Negative-On-Improving-Margins-And-Deleveraging-BBB-Rating-Affirmed-3566711>
  
US$ 225.00
$  £  €
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