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

Fitch Ratings has affirmed its ratings on CVS Caremark Corp. (NYSE: 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

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