U.S.-based diversified health care company UnitedHealth Group Inc. (UNH) is acquiring Change Healthcare Inc. (CHNG), a health care technology company. We are affirming our ratings on UNH as the acquisition adds product/service depth and innovation, with manageable financing and integration risks. The stable outlook reflects our expectation that UNH will issue long-term debt to fund the acquisition, but strong earnings will facilitate rapid deleveraging. On Jan. 8, 2021, S&P Global Ratings affirmed its 'A+/A-1' issuer credit ratings on UnitedHealth Group Inc. (UNH). The outlook remains stable. We also affirmed our 'AA-' long-term issuer credit and financial strength ratings on UNH's core insurance subsidiaries (see ratings list). Our ratings affirmation follows UNH's announced acquisition of Change Healthcare Inc. (CHNG; B+/Watch Pos/--).
