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Fitch rates Coventry notes BBB-
Fitch Ratings said it assigned a BBB- rating to Coventry Health Care Inc.'s $300 million senior unsecured notes due 2014.
The outlook is stable.
Proceeds will be used to pre-fund the company's pending acquisition of Florida Health Plan Administrators, LLC, the parent company of Vista Healthplans.
Fitch said it expects Coventry's debt-to-EBITDA ratio to grow from 0.9 times annualized for the first half 2007 to 1.3 times for the full year pro forma for the Vista transaction. The agency said it expects the company to reduce its debt-to-EBITDA ratio to be between 1 time and 1.1 times in 2008.
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