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Tuesday, November 24, 2009
Moody's Lowers CVS Caremark's Outlook to Stable
FOXBusiness
Moody's Investors Services (MCO) adjusted its outlook for CVS Caremark on Tuesday, changing the pharmacy company’s rating from “positive” to “stable.”
Moody’s said that Caremark must show evidence it is retaining more business, and that an upgrade will not happen until the company makes changes that caused Caremark to lose contracts worth billions of dollars.
Caremark, one of the nation’s largest pharmacy benefit providers, has lost $2 billion in contracts in the most recent three months, which could cause the company’s profits to drop by 10% next year, Moody’s said.
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