Moody's comments on Walgreen covenants

Moody's Investors Service said Walgreen Co.'s (A2/stable) change-of-control put option offers greater-than-average protection against event risk but that its liens covenant offers only limited protection against potential subordination.

The covenant analysis of Walgreen's bonds was based on methodology developed by Moody's to identify the strengths and weaknesses of eight key covenants protecting bondholders against event risk. The agency said it applies the same criteria in assessing covenants in all the bond indentures that it reviews.

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