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S&P lowers WAG to negative, citing failed ESI negotiations

CHICAGO — Standard & Poor's cut its outlook on Walgreens to negative from stable, citing the lack of progress in the drug store chain's negotiations with Express Scripts, according to a MarketWatch report published Thursday.

S&P noted that the loss of the Express Scripts contract will result in a meaningful revenue and profit decline in fiscal 2012 in initiating its outlook adjustment.

However, S&P did affirm its ratings on the company, including an 'A' corporate credit rating, MarketWatch reported.

Shares of Walgreens were down 18 cents to $32.97 in mid-morning trading.

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