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S&P ups HealthSpring from junk
Standard & Poor's said it raised its counterparty credit rating on HealthSpring Inc. to BBB- from BB-. At the same time, the agency said it removed the rating from CreditWatch, where it was placed with positive implications on Oct. 24, and assigned a positive outlook.
The agency said the three-notch rating upgrade of HealthSpring, following its acquisition by Cigna Corp., is based on S&P's designation of HealthSpring as a "strategically important" entity within the Cigna Corp. organization.
"The positive outlook is based on our expectation that HealthSpring will evolve toward core status over the next two years as its operations are integrated into Cigna's organization," said S&P credit analyst James Sung in a news release.
If S&P designates HealthSpring as a core entity, the agency said it would likely raise its rating on HealthSpring to the same level as that on Cigna Corp.
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