Moody's: WellPoint notes Baa2

Moody's Investors Service has assigned a Baa2 senior unsecured debt rating to WellPoint, Inc.'s issuance of new long-term debt.

The outlook is stable.

According to the agency, WellPoint expects to use the net proceeds of the $1.25 billion issuance to partially fund the purchase price of the tender offer for its 5.875% notes due 2017, 7% notes due 2019, 5.95% notes due 2034, 5.85% notes due 2036, 6.375% notes due 2037 and 5.8% notes due 2040, and for general corporate purposes.

The $1.25 billion debt issuance, comprised of $650 million of five-year maturities and $600 million of 30-year maturities, is a draw on the company's shelf registration, which it filed in December 2011, the agency noted.

Moody's said that there should be no appreciable change in WellPoint's adjusted financial leverage, which was about 39% as of June 30.

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