On June 16, 2003, Standard&Poor's Ratings Services assigned its preliminary 'A' senior unsecured debt, 'A-' subordinated debt, and 'BBB+' preferred stock ratings to UnitedHealth Group Inc.'s $1.25 billion shelf registration, which was filed on June 5, 2003. The ratings reflect UnitedHealth's (A/Stable/A-1) extremely strong consolidated earnings profile as well as its very strong financial flexibility and business position. The business position is enhanced by good product and market diversification and its unique competencies in specialized services. The consolidated statutory capital position is considered good though below that of the current rating level. UnitedHealth is expected to have a net commercial membership gain of more than 1.2 million people for full-year 2003. Standard&Poor's expects UnitedHealth's 2003 EBIT
