S&P rates Cigna parent Halfmoon’s new notes A-

S&P said it assigned its A-/A-2 issuer credit rating to Halfmoon Parent Inc., Cigna Corp.’s newly formed holding company. The outlook is negative.

S&P also assigned A- debt ratings to Halfmoon's planned new fixed- and floating-rate senior unsecured notes.

“The negative outlook reflects the potential for a one-notch downgrade during the next 18-24 months if Halfmoon (New Cigna) encounters business setbacks or is unable to reduce leverage to below 40%. In addition, we may lower the ratings if New Cigna's consolidated insurance capital adequacy falls below BBB on a sustained basis,” S&P said in a news release.

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