Moody's: Walgreen unchanged

Moody's Investors Service said that Walgreen Co.'s decision to exit the Express Script's pharmacy provider network as of Jan. 1, 2012 has no impact on Walgreen's A2 rating or stable outlook.

Walgreen's said that its decision was based upon its belief that the terms proposed by Express Scripts do not make good business sense for Walgreen, the agency said.

The contract impasse carries negative credit implications for Walgreen as the impasse puts at risk a sizable chunk of revenue, about $5.3 billion or 7.5%, the agency added.

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