UnitedHealth Group Inc. (UNH) reported strong operating results in 2016, and we expect its revenue and earnings growth momentum to continue in 2017-2018. Although progress has been more gradual than we originally anticipated, UNH continues to drive its financial leverage towards the 40% target that we view as aligned with our current ratings. We are affirming our 'A+' counterparty credit rating on UNH and our 'AA' counterparty credit ratings and financial strength ratings on the core insurance subsidiaries. Our negative outlook reflects the potential that we could lower our ratings on UNH if financial leverage remains meaningfully above our 40% target or if regulated capitalization does not improve from current levels by year-end 2017. On Jan. 27, 2017, S&P Global
