S&P: Walgreen view to stable

Standard & Poor's said it revised its outlook on Walgreen Co. to stable from negative. The agency also said it affirmed its corporate credit rating at A+ and short-term rating at A-1.

The outlook revision reflects an expectation that Walgreen's initiatives to reduce costs and improve store productivity, along with slower store growth, should support profitability in fiscal 2010 and 2011, S&P said.

The agency also said it expects credit measures to recover to levels consistent with the rating.

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