Fitch Affirms CVS Caremark at 'BBB+'; Outlook Stable

Fitch Ratings has affirmed its ratings on CVS Caremark Corp. CVS, including the long-term Issuer Default Rating (IDR) at 'BBB+'. The Rating Outlook is Stable. CVS had $10.8 billion in debt outstanding at Sept. 30, 2012. A full rating list is provided at the end of this release. The affirmations reflect the company's relatively steady credit metrics and strong liquidity position. Fitch expects CVS to manage its credit profile and capital allocation within the context of maintaining its publicly stated adjusted debt/EBITDA (including NPV of lease obligations) ratio of 2.7 times (x). The ratings also consider CVS's strong positioning in all prescription distribution channels, with a #2 market position in the retail segment and pharmacy benefit management See full press release