Moody's continues Coventry review

Moody's Investors Service said it is maintaining the review for upgrade of Coventry Health Care, Inc.'s Baa3 senior debt rating pending regulatory approval of the acquisition of the company by Aetna Inc.

The A3 insurance financial strength rating of Coventry's operating subsidiaries also remain on review for upgrade.

On Aug. 20, 2012, Aetna announced it would acquire Coventry in a deal valued at $7.3 billion. The purchase price includes the assumption of $1.6 billion of Coventry's senior notes (due between 2014 and 2021). The transaction, subject to regulatory approval, is expected to close in mid-2013.

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