The ratings on CVS Caremark Corp. reflect the company's solid position in the favorably regarded drugstore industry, leading position as a pharmacy benefit management (PBM) company, diverse cash flow stream, and generally good operating performance. The company's participation in the highly competitive retail pharmacy industry, its more aggressive financial policy, possible future difficulties in retaining PBM customers, and the uncertain effect of ongoing civil and governmental investigations into the practices of PBMs all partially offset those strengths. CVS Caremark is the largest provider of prescriptions in the U.S., with more than 1.0 billion prescription filled annually. CVS Pharmacy is the second-largest chain drug retailer in the U.S., with more than 7,000 units. Prescriptions, about 68% of the company's retail revenues,
