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S&P upgrades Aetna, subsidiaries
S&P said it raised its counterparty credit ratings on Aetna Inc. to A/A-1 from A-/A-2 and its long-term counterparty credit and financial strength ratings on Aetna's core operating subsidiaries to AA- from A+.
At the same time, the agency upgraded its long-term counterparty credit rating on intermediate holding company Aetna Health Holdings LLC to A from A-.
All ratings were removed from CreditWatch Developing where they were initially placed on July 21, 2016.
The outlook is stable.
The ratings on Aetna Health Insurance Co. of Europe Ltd (AHICE) are unaffected.
"The upgrades reflect the anticipated reduction in financial risk associated with the mandatory repayment of a significant portion ($10.2 billion) of the debt issued in June 2016 to fund its planned acquisition of Humana Inc., which is expected to close by year-end 2016," S&P credit analyst Joseph Marinucci said in a news release.
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