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Moody's today "placed the long term...>

US CORPORATES
US CORPORATES: Moody's today "placed the long term ratings of CVS Health on
review for downgrade and affirmed its P-2 short term commercial paper rating.
The review for downgrade is prompted by CVS's and Aetna Inc.'s announcement that
CVS would be acquiring Aetna for $207 per share in a transaction valued at about
$69 billion. Moody's estimates that this represents about an 11x EBITDA multiple
and about a 14% premium over Aetna's closing share price on Dec. 1, 2017."
- The ratings agency "anticipates that the review could extend longer than 90
days given the size and the complexity of the transaction and the regulatory
approval process, and anticipates that any downgrade to CVS' senior unsecured
rating would likely be limited to one notch at the conclusion of the review. The
transaction is expected to close during the second half of calendar 2018."

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