On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Due to the application of this criteria, we revised our view of UnitedHealth Group Inc.'s (UNH) liquidity to exceptional. We affirmed our 'AA-' long-term financial strength and issuer credit ratings on the operating subsidiaries of UNH. We also affirmed our 'A+/A-1' issuer credit ratings on UNH and its intermediate holding companies. The stable outlook reflects our expectation that UNH will sustain an excellent competitive position with strong revenue and earnings growth in 2024-2025. On March 19, 2024, S&P Global Ratings affirmed its 'A+' long-term and 'A-1' short-term issuer credit ratings on UNH and its intermediate holding companies. We also
