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S&P lifts Coventry Health notes
Standard & Poor's said it raised its long-term counterparty credit rating on Coventry Health Care Inc. to BBB+ from BBB-.
The outlook is stable.
At the same time, S&P raised its issue rating on Coventry's 6.125% senior unsecured notes due 2015 to A- from BBB-, as Aetna will be guaranteeing that debt issue.
The agency also raised its ratings on Coventry's other senior unsecured notes to BBB+ from BBB-, as Aetna will be assuming (but not explicitly guaranteeing) those debt issues.
The issue rating on Coventry's $750 million revolving credit facility, which was due in June 2016 but was terminated on May 7, was withdrawn.
"Our two-notch rating upgrade of Coventry Health Care following its acquisition by Aetna Inc. is based on our designation of it as a 'strategically important' entity within the Aetna Inc. Organization," S&P credit analyst James Sung said in a news release.
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