UnitedHealth Group Inc.

The stable outlook reflects our view that UNH will generate strong revenue and earnings growth in 2022-2023, with revenue increasing by 10%-12% over the next two years, to $320 billion-$322 billion in 2022, and $353 billion-$355 billion in 2023. We forecast adjusted EBIT to increase to $27 billion-$28 billion in 2022, and $30 billion-$32 billion in 2023. UNH's ROR will be solid at 8%-9% through 2023. Assuming the CHNG and LHCG acquisitions close during the second half of 2022, we expect UNH's S&P Global Ratings-adjusted financial leverage to increase to about 44%-45% by year-end 2022. Although this amount of leverage is above our long-term expectation, debt repayment, earnings growth and a divestiture benefit (of CHNG's payment integrity business) are expected

...S&P Global Ratings' ratings on UnitedHealth Group Inc. (UNH) and its subsidiaries are the highest for a U.S. health insurance group and among the highest for global insurance and corporate groups. UNH's credit profile reflects its leadership in the U.S. health insurance market (46 million members as of June 30, 2022), unique competitive advantages stemming from the UnitedHealthcare (UHC)-Optum combination (with UHC and Optum making up 54% and 46% of operating earnings, respectively) and sustained above-industry-average earnings with adjusted earnings before interest and taxes (EBIT) return on revenue (ROR) of 8%-9% (2018-2021). We believe the UHC-Optum combination provides UNH with unique medical/operating cost and technology advantages versus peers'. UNH's complementary business lines support the group's goals of improving health quality outcomes and access to health care while lowering the cost of care....

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