NEW YORK (Standard&Poor's) March 22, 2004--Standard&Poor's Ratings Services said today that it assigned its preliminary 'A' senior unsecured debt, 'A-' subordinated debt, and 'BBB+' preferred stock ratings to UnitedHealth Group Inc.'s (NYSE:UNH; A/Stable/A-1) $2 billion shelf registration, which was originally filed on June 5, 2003, and amended on March 19, 2004. The company has drawn down $1 billion from this shelf in the past nine months for acquisitions and refinancing of maturing debt. "The ratings are based on UnitedHealth Group's extremely strong consolidated earnings profile and its very strong financial flexibility and business position," said Standard&Poor's credit analyst Shellie Stoddard. The business position is enhanced by good product and market diversification and the company's
