The ratings on CVS Corp. (CVS) reflect the company's solid position in the favorably regarded drug store industry and the belief that management is committed to maintaining a moderate financial policy. CVS, with more than 4,100 units, is the second-largest chain drug retailer in the U.S. based on sales and store count. Prescriptions, which constitute about 69% of the company's revenues, continue to drive growth and are expected to do well prospectively based on an aging population, greater use of pharmaceuticals in outpatient therapy, and the ongoing development of new drug products. The company has historically generated consistent operating performance, but had difficulty in the second half of 2001 through the first half of 2002 due to a shortage of
