Research Update: CVS Health Corp. Outlook Revised To Stable From Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed - S&P Global Ratings’ Credit Research

Research Update: CVS Health Corp. Outlook Revised To Stable From Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed

Research Update: CVS Health Corp. Outlook Revised To Stable From Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed - S&P Global Ratings’ Credit Research
Research Update: CVS Health Corp. Outlook Revised To Stable From Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed
Published Dec 13, 2022
7 pages (2913 words) — Published Dec 13, 2022
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

CVS Health Corp. continues to deploy capital to execute on its vision of becoming a leading health company, including its announced acquisition of Signify Health this year. Separately, CVS announced last month it has agreed to pay about $5 billion over the next 10 years beginning in 2023 to substantially resolve all opioid lawsuits by states, political subdivisions and tribal entities. We revised our outlook to stable from positive and affirmed all our ratings on CVS, including our 'BBB' issuer credit rating and issue-level ratings. The stable outlook reflects that with recent earnings and financial policy guidance, we now expect leverage to remain above 3x on an S&P Global Ratings-lease-adjusted basis in the coming one to two years. We note

  
Brief Excerpt:

...- CVS Health Corp. continues to deploy capital to execute on its vision of becoming a leading health company, including its announced acquisition of Signify Health this year. - Separately, CVS announced last month it has agreed to pay about $5 billion over the next 10 years beginning in 2023 to substantially resolve all opioid lawsuits by states, political subdivisions and tribal entities. - We revised our outlook to stable from positive and affirmed all our ratings on CVS, including our '###' issuer credit rating and issue-level ratings. - The stable outlook reflects that with recent earnings and financial policy guidance, we now expect leverage to remain above 3x on an S&P Global Ratings-lease-adjusted basis in the coming one to two years....

  
Report Type:

Research Update

Ticker
Issuer
GICS
Health Care Services (35102015)
Sector
Global Issuers , Structured Finance
Country
Region
Format:
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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 Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed" Dec 13, 2022. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CVS-Health-Corp-Outlook-Revised-To-Stable-From-Positive-On-Capital-Allocation-Expectations-BBB-Ratings-Affirmed-2928982>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: CVS Health Corp. Outlook Revised To Stable From Positive On Capital Allocation Expectations; 'BBB' Ratings Affirmed Dec 13, 2022. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CVS-Health-Corp-Outlook-Revised-To-Stable-From-Positive-On-Capital-Allocation-Expectations-BBB-Ratings-Affirmed-2928982>
  
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