Good operating fundamentals in the U.S. drug store industry with greater use of pharmaceuticals and an aging population, but also a complex reimbursement environment; Strong competitive position as the largest integrated pharmacy company in the U.S., providing better negotiating capabilities with suppliers and cost leverage; Unique integrated prescription access model that combines retail and mail order; Softness in its general merchandise front-end sales are expected to continue; but Overall solid sales and earnings performance trends. Diverse earnings and cash-flow stream from its pharmacy benefit management, specialty care, and retail businesses; Strong free cash flow generation with excess cash flows used to enhance shareholder returns; and Commitment to maintaining its current leverage target, which supports the rating. The stable outlook reflects
