On March 21, 2005, Standard&Poor's Ratings Services assigned its preliminary 'A' senior debt, 'A-' subordinated debt, and 'BBB+' preferred stock ratings to UnitedHealth Group Inc.'s (NYSE:UNH) $3 billion shelf registration, which was filed on March 18, 2005. The ratings reflect UNH's very strong competitive position, strong diversification, extremely strong earnings profile, very strong financial flexibility, and good statutory capitalization. UNH reported extremely strong pretax earnings of $3.97 billion in 2004 compared with $2.84 billion in the prior year. The company completed three significant acquisitions in 2004 and nearly doubled long-term debt to $3.35 billion, though total debt to capital remains less than 30%, as the company financed its two largest acquisitions with 70% equity. Collectively, the acquisitions add
