Very strong competitive position with significant product and geographic diversification Operating performance in top quartile of rated health insurers Very strong capital and earnings Strong financial flexibility Adequate enterprise risk management (ERM)with strong risk controls Satisfactory management and governance The ratings on the holding companies are two notches lower than the ratings on the operating companies. (Three notches is standard for U.S. insurance holding companies.) This reflects high levels of fixed-charge coverage and holding company liquidity as well as significant ordinary dividend capacity relative to the holding company's liquidity needs. The stable outlook on Aetna Inc. and its core subsidiaries (collectively, Aetna) reflects Standard&Poor's Ratings Services' expectation that the group will retain its very strong competitive position and
