S&P gives CVS notes BBB

S&P said it assigned its BBB issue-level rating to CVS Health Corp.’s planned senior unsecured notes.

The company is expected to use an anticipated $2 billion of proceeds, along with cash from its balance sheet, to tender about $4 billion of its notes maturing in 2023, 2025 and 2028.

The transaction will involve tapping the 1.3% 2027 notes CVS sold in August and issuing new 10-year notes.

“The refinancing will both reduce the company’s debt and generate interest expense savings,” S&P said in a press release.

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