UnitedHealth Group Inc. Senior Notes Rated 'A+'

NEW YORK (S&P Global Ratings) June 14, 2018--S&P Global Ratings said today that it assigned its 'A+' debt rating to UnitedHealth Group Inc.'s (UNH) proposed mix of floating- and fixed-rate senior unsecured notes. The debt issuance does not affect our 'A+' long-term counterparty credit rating on UNH. UNH will use the proceeds to repay commercial paper borrowings ($4.4 billion outstanding as of March 31, 2018) and for general corporate purposes. This may include redeeming and repurchasing securities, refinancing debt, and acquisitions. Upcoming capital needs include $1.5 billion of 1.90% senior notes that mature in July 2018 and the pending $4.9 billion acquisition of DaVita Medical Group (expected to close before year-end 2018). We expect UNH's financial leverage to be about

...NEW YORK (S&P Global Ratings) June 14, 2018--S&P Global Ratings said today that it assigned its 'A+' debt rating to UnitedHealth Group Inc.'s (UNH) proposed mix of floating- and fixed-rate senior unsecured notes. The debt issuance does not affect our 'A+' long-term counterparty credit rating on UNH. UNH will use the proceeds to repay commercial paper borrowings ($4.4 billion outstanding as of March 31, 2018) and for general corporate purposes. This may include redeeming and repurchasing securities, refinancing debt, and acquisitions. Upcoming capital needs include $1.5 billion of 1.90% senior notes that mature in July 2018 and the pending $4.9 billion acquisition of DaVita Medical Group (expected to close before year-end 2018). We expect UNH's financial leverage to be about 40% on average in 2018-2019. We also project debt to EBITDA of 1.5x-2.0x and EBITDA fixed-charge coverage of 10x-15x in 2018-2019. RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term...

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