EFTA Document EFTA01378323

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Walgreen Company (WAG) Updated: Oct 1, 2015 Trade Idea: o Walgreen: stable operating and credit outlook. Spreads reflect the weaker credit metrics from the recent debt financed acquisition of Alliance Boots as well as weaker technicals from the additional S7 bn in debt issued. Investment Rationale: 0 Bonds no longer look attractive relative to peers Recommendation(s): Trade Ratings Issue