Very strong competitive position with significant product and geographic diversification Operating performance in the top quartile of rated health insurers Very strong capital and earnings Strong financial flexibility Enterprise risk management (ERM) is adequate 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), reflecting high levels of fixed-charge coverage and holding-company liquidity, as well as significant ordinary dividend capacity relative to holding company liquidity needs. Standard&Poor's Ratings Services expects to resolve the CreditWatch on Aetna upon deal closure with Humana Inc. Unless there is a material change to our expectations for this transaction,
