Moody’s downgrades Walgreen notes

Moody's Investors Service said it downgraded Walgreen Co.’s senior unsecured notes rating to Baa2.

Walgreen's commercial paper rating was affirmed at Prime-2.

The outlook is stable.

Moody’s said the downgrade acknowledges that Walgreen's debt to EBITDA will remain above 3.5 times for the next three years following its acquisition of the remaining 55% stake of Alliance Boots in early 2015, its $3 billion share repurchase program that will be completed by the end of fiscal 2016 and its reduced 2016 EPS guidance.

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