Moody’s rates Centene’s senior notes Ba1

Moody’s Investors Service said it assigned a Ba1 senior unsecured debt rating to Centene Corp.’s planned issuance of about $2.2 billion of senior unsecured debt due February 2031.

Centene will use the proceeds to refinance the $2.2 billion of outstanding 4¾% notes due 2025.

“Since the proceeds of the $2.2 billion new issuance will be used to refinance outstanding debt of approximately the same amount, there will not be a material impact on Centene’s leverage,” Moody’s said.

Centene’s outlook remains stable.

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