On March 22, 2004, 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 (NYSE:UNH; A/Stable/A-1) $2 billion shelf registration, which was originally filed on June 5, 2003, and amended on March 19, 2004. The company has drawn down $1 billion from this shelf in the past nine months for acquisitions and refinancing of maturing debt. The ratings are based on UnitedHealth Group's extremely strong consolidated earnings profile and its very strong financial flexibility and business position. The business position is enhanced by good product and market diversification and the company's unique competencies in specialized services. The consolidated statutory capital position is considered good, though below
