AM Best Assigns Issue Credit Ratings to UnitedHealth Group Incorporated’s New Senior Unsecured Notes and New Shelf Registrations
2023年3月29日 - 3:19AM
ビジネスワイヤ(英語)
AM Best has assigned Long-Term Issue Credit Ratings
(Long-Term IR) of “a” (Excellent) to UnitedHealth Group
Incorporated’s (UnitedHealth Group) (Minnetonka, MN) [NYSE: UNH]
recently issued $1.25 billion 4.250% senior unsecured notes, due
2029, $1.5 billion 4.5% senior unsecured notes, due 2033, $2
billion 5.05% senior unsecured notes, due 2053, and $1.75 billion
5.2% senior unsecured notes, due 2063. In addition, AM Best has
assigned indicative Long-Term IRs of “a-” (Excellent) to
subordinated issues, “bbb+” (Good) to preferred stock and “a”
(Excellent) to senior unsecured issues of the recently filed shelf
registration to UnitedHealth Group. The outlook assigned to these
Credit Ratings (ratings) is stable. Concurrently, AM Best has
withdrawn the ratings on the previous shelf registrations.
UnitedHealth Group’s Long-Term Issuer Credit Rating of “a”
(Excellent), its Long-Term IRs and the ratings of its insurance
subsidiaries are unchanged.
The proceeds from the debt issuance will be used for general
corporate purposes, including refinancing short-term debt that was
used to finance the LHC Group Inc. (LHC) acquisition, valued at
approximately $6 billion including the retirement of LHC debt,
which closed early this year. The LHC acquisition will strengthen
UnitedHealth Group’s home health services. Following the repayment
of commercial paper and upcoming maturities, AM Best anticipates
the issuance to increase the group’s adjusted financial leverage
ratio approximately 44%. However, UnitedHealth Group has managed to
bring its financial leverage down to the 40% range over time taking
active actions to deleverage following sizeable acquisitions. As of
Dec. 31, 2022, the group’s financial leverage was 41.4%. The
organization maintains strong earnings before interest and taxes
interest coverage in the low double digits. UnitedHealth Group has
excellent liquidity through parent company cash, insurance
subsidiary dividend capacity, non-regulated cash flow, commercial
paper program and a $18 billion revolving credit agreement. A
steady stream of revenue development and earnings growth have
resulted in a solid operating performance trend over the past
several years underpinned by UnitedHealth Group’s operations at
UnitedHealthcare and at Optum. The organization expects this growth
to continue over the medium term.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230328005811/en/
Antonietta Iachetta Senior Financial Analyst +1
908 439 2200, ext. 5792 antonietta.iachetta@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Doniella Pliss Director +1 908 439 2200, ext.
5104 doniella.pliss@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 439 2200, ext. 5098 al.slavin@ambest.com
UnitedHealth (NYSE:UNH)
過去 株価チャート
から 3 2024 まで 4 2024
UnitedHealth (NYSE:UNH)
過去 株価チャート
から 4 2023 まで 4 2024