Very strong, stable earnings profile and interest coverage. Sustainable, competitive advantages in its business model. Diversified sources of revenue, both unregulated and regulated, by geographic region, business segment, and legal entity. Effective business strategy and organizational depth. Excellent cash flow generation. Financial flexibility has provided the company with excellent access to capital markets. Increased tolerance for debt leverage and goodwill-to-equity. Quality of statutory capitalization impaired by holding company debt levels. Increasingly competitive and political environment. 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
