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Moody’s assigns Baa2 to Aetna debt
Moody's Investors Service said it assigned a Baa2 senior unsecured debt rating to Aetna Inc.'s planned issuance of new long-term debt.
The outlook is stable.
Aetna expects to use the net proceeds to fund the call of its 6.5% senior notes due in 2018 and for general corporate purposes.
The $750 million planned debt issuance is a draw on the company's shelf registration, which it filed in December 2011. Moody's said that after the transaction Aetna's adjusted financial leverage (debt to capital, where debt includes operating leases and unfunded pension liabilities) will increase to roughly 38% compared to the 37.4% reported as of Sept. 30.
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