Moody's rates Walgreens notes Baa2

Moody's Investors Service said it rated Walgreens Boots Alliance, Inc.'s new senior unsecured notes Baa2.

The agency affirmed Walgreens’ Baa2 senior unsecured rating on Aug.7, 2020.

The proceeds will be used to help finance the company's debt financed $5.2 billion acquisition of a majority stake in Village MD and for general corporate purposes. Village MD is a primary care provider. The transaction will hike Walgreen's interest in Village MD to 63% from 30%.

The outlook remains negative.

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