Good market position as the world's largest drugstore chain by number of units following the purchase of certain Rite Aid stores. Significant geographic diversity, mainly across the U.S. and Europe, that supports brand awareness. Favorable healthcare demand fundamentals should drive prescription volumes higher. Reimbursement pressures remain a headwind and general merchandise sales continue to face competitive pressures from mass discounters and e-commerce retailers. Robust operating cash flow of more than $7 billion annually supports strong liquidity. Performance initiatives allows the company to maintain credit metrics in the low 3x area. History of acquisitions, growth initiatives, and share repurchases means potential event risk. The stable outlook incorporates our view that Walgreens Boots Alliance, Inc (WBA) will manage leverage in the low-3x
