S&P Global Ratings downgrades Walgreens, citing struggles in both pharmacy and retail

S&P Global Ratings has downgraded Walgreens Boots Alliance by two notches to ‘BB’ from ‘BBB-‘, pushing the company into speculative-grade territory. Analysts cite below-expectation guidance for the year, major strategic changes, dwindling cash flow, and substantial maturities in the coming years as key risks. They particularly highlighted Walgreens’ struggle in its retail and pharmacy operations and the company’s large debt load.