Moody's: No change to Walgreen's, Express Scripts

Moody's Investors Services said Walgreen Co.'s and Express Scripts Holding Co.'s joint announcement that they have reached a multi-year pharmacy network agreement is a credit positive event for both companies. However, the companies' ratings are not affected.

According to Moody's, the agreement is a credit positive event because will enable Walgreen to participate in Express Scripts' broadest pharmacy networks beginning on Sept. 15

The agency said the ratings on Walgreen's remain on review for downgrade as a result of the company's pending purchase of 45% of the equity of Alliance Boots. The review for downgrade continues to reflect the sizable amount of additional debt that Walgreen will incur to finance the equity purchase.

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