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Fitch Upgrades Sierra Health Services IDR to 'A' Following Acquisition by UnitedHealth
Business Wire, Feb 26, 2008
CHICAGO -- Sierra Health Services, Inc. (NYSE: SIE) and its primary insurance subsidiaries have been upgraded following the close of its acquisition by UnitedHealth Group (NYSE: UNH). The acquisition was announced in March 2007 and is valued at $2.6 billion. The Rating Outlook is Stable.
As a condition of approval with the U.S. Department of Justice, UNH will divest its individual Medicare Advantage HMO plans in Clark and Nye Counties, Nevada, which represent approximately 25,000 members.
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UNH is a national leader in the U.S. health insurance and managed care sector, offering a variety of health and wellness products and services. The company's strong franchise is supported by well-established competitive positions across customer segments and in a number of major markets. Fitch sees the acquisition of SIE as significantly strengthening UNH's competitive position in Nevada.
Fitch has upgraded the following:
Sierra Health Services, Inc.
--Issuer Default Rating (IDR) to 'A' from 'BBB';
--Senior debt to 'A-' from 'BBB-'.
Health Plan of Nevada, Inc.
Sierra Health and Life Insurance Company, Inc
--Insurer financial strength (IFS) to 'AA-' from 'A-'.
The Rating Outlook is Stable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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