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Porgie Tirebiter

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Porgie Tirebiter

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Re: Prudent Capitalist post# 75

Friday, 08/03/2012 3:47:13 PM

Friday, August 03, 2012 3:47:13 PM

Post# of 3161
Well, they closed on the 45% equity deal yesterday and WAG's debt immediatly got lowered to just two notches above junk grade by S&P.

Moody's wasn't quite so nasty to them only taking them down to Baa1, but with a negative outlook.

Moody's said the acquisition will weaken Walgreen's credit metrics, and it noted Alliance Boots has a substantial amount of debt. The firm said its downgrade also considers that Alliance Boots' pharmacy wholesale business is outside Walgreen's current retail focus and generates significantly lower margins.

This isn't what I invested in. I'm not happy.

WAG is down modestly in an otherwise fabulous day for stocks in general.

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