UNH reported strong operating results in 2018, in line with our expectations. We are realigning our ratings on UNH to reflect its evolving credit profile. We are affirming our 'A+/A-1' rating on UNH and lowering our financial strength ratings on its core insurance subsidiaries to 'AA-' from 'AA'. The stable outlook reflects our view that UNH's industry-leading scale/diversity, medical cost management, and technology will help it outperform its peers in 2019-2020. On Jan. 23, 2019, S&P Global Ratings affirmed its 'A+/A-1' issuer credit rating on UnitedHealth Group Inc. (UNH). The outlook is stable. At the same time, we lowered our long-term issuer credit and financial strength ratings on UNH's core insurance subsidiaries (see ratings list) to 'AA-' from 'AA'. The
