On Oct. 16, 2006, Standard&Poor's Ratings Services affirmed its 'A' counterparty credit rating on UnitedHealth Group Inc. (NYSE:UNH) and its various ratings on UNH's operating companies. The outlook on all these companies remains negative. The resignations of Dr. McGuire, chairman and CEO; Mr. Lubben, general counsel; and Mr. Spears, director, will not have a critical bearing on the day-to-day operations. We believe UNH will continue its strong track record in operational performance under CEO Stephen Hemsley, new independent board direction, and significant bench strength in senior management. The findings of the board-directed review increase the potential for a significant restatement of prior-period earnings in connection with stock-option accounting, which could materially erode the quality of UnitedHealth's capital. The
