Walgreens Boots Alliance Inc. announced new unsecured notes offering in two tranches, to enhance liquidity against the backdrop of a sharp recession following the escalating impacts of the coronavirus pandemic. S&P Global Ratings is affirming the 'BBB' issuer credit rating on Walgreens to reflect its position as an essential retailer and some capacity to absorb credit measure deterioration despite anticipated economic weakness and its stated intention to continue share repurchases. At the same time, we assigned our 'BBB' rating to the proposed issuance, which we consider prudent, proactive liquidity management that demonstrates Walgreens' high standing in credit markets. The stable outlook reflects our expectation that despite somewhat weaker anticipated performance and ongoing shareholder returns we do not expect credit measures
