Fitch rates Cigna notes BBB

Fitch Ratings said it assigned a BBB rating to Cigna Corp.'s proposed $600 million of senior notes.

Fitch also affirmed Cigna's long-term issuer default rating at BBB+, short-term issuer default rating at F2, senior notes at BBB and commercial paper at F2.

The outlook is stable.

A portion of the proceeds from the debt issuance will be used to replace the company's $226 million in debt due October 2011. The remainder of proceeds is expected to be used for general corporate purposes, which Fitch believes may include share repurchases.

The rating on the planned issuance is equivalent to the ratings on Cigna's existing senior notes, the agency said.

The ratings on Cigna reflect the company's established competitive position in the U.S. health benefits and group insurance business, stable profitability and good operating company balance sheet quality, Fitch said.

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