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Article: Fitch Affirms CVS Caremark's IDR at 'BBB+' Post Longs Acquisition Announcement.
- Article from:
- Business Wire
- Article date:
- August 12, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has affirmed its ratings on CVS Caremark Corp. (CVS Caremark; NYSE: CVS) following the announcement that it has entered into a definitive agreement to acquire Longs Drug Stores Corporation (Longs; NYSE: LDG). The ratings are as follows:
--Long-Term Issuer Default Rating (IDR) at 'BBB+';
--Senior unsecured bank facility at 'BBB+';
--Senior unsecured notes at 'BBB+';
--ECAPS hybrid security at 'BBB';
--Short-Term IDR at 'F2';
--Commercial paper at 'F2'.