Key rating strengths of the consolidated UnitedHealth Group Inc. include its very strong business profile, strong earnings and cash flow, and robust liquidity and financial flexibility. Offsetting factors include relatively aggressive share-repurchase activity relative to free cash flow generation, modest tangible net worth, and a pressured industry risk profile. We are affirming our 'A-' counterparty credit rating on UnitedHealth Group Inc. and our counterparty credit and financial strength ratings on its core and strategically important subsidiaries. The negative outlook reflects our belief that the organization could experience material adverse business development. On Oct. 7, 2009, Standard&Poor's Ratings Services affirmed its 'A-' counterparty credit rating on UnitedHealth Group Inc. (NYSE: UNH). At the same time, Standard&Poor's affirmed
