Fitch provides BBB+ to Cigna notes

Fitch Ratings said it assigned a BBB+ rating to 10- and 30-year senior unsecured notes issued by Cigna Corp.

The new notes will be used to fund a tender offer of seven series of outstanding senior notes as well as prefund debt maturing in early 2018.

The ratings are equivalent to Fitch's ratings on Cigna's currently outstanding senior notes.

Cigna is issuing up to $1.6 billion in new 10- and 30-year senior unsecured notes to support the tender offer up to $1 billion principal amount of the following series of outstanding senior notes: 8.3% notes due 2023, 7.65% notes due 2023, 7.875% debentures due 2027, 8.3% step-down notes due 2033, 6.15% notes due 2036, 5.875% notes due 2041 and 5.375% notes due 2042.

The new senior notes will also fund $131 million of senior notes maturing in March 2018 and will replenish cash used to pay $250 million of senior notes that matured in the first quarter of 2017, the agency noted.

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