The counterparty credit rating on UnitedHealth Group Inc. is based on the consolidated group's (operating companies and holding companies; collectively, UNH) very strong, stable earnings profile and competitive position, favorable scale and diversification, effective management strategy and organizational depth, and excellent cash flow generation. Offsetting these strengths, UNH maintains aggressive financial policies, high levels of goodwill, and statutory capitalization that are below the level that Standard&Poor's Ratings Services considers appropriate for the rating. UNH nevertheless maintains strong access to the external capital markets. The consolidated cash flow from operations provides the company with a great deal of flexibility to use funds both internally and externally. The operating performance of UNH's subsidiaries is its greatest source of financial flexibility.
