S&P: HealthSpring on watch

Standard & Poor's said it placed its BB- counterparty credit rating on HealthSpring Inc. on CreditWatch with positive implications.

The CreditWatch placement reflects HealthSpring's anticipated acquisition by a higher-rated entity, Cigna Corp., which likely will result in an upgrade of HealthSpring up to the same level as Cigna at deal closing, depending on S&P's application of group methodology criteria, the agency said.

S&P said it would likely upgrade the rating upon the deal closing. In the interim, S&P said it will continue to monitor HealthSpring's financial condition as well as discuss HealthSpring's prospective capital structure and strategic group status with Cigna's management team.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.