Fitch affirms UnitedHealth

Fitch Ratings said it affirmed UnitedHealth Group Inc. and took a number of rating actions on UnitedHealth's insurance operating subsidiaries, including the assignment of ratings to two insurance operating subsidiaries and the withdrawal of numerous insurer financial strength ratings.

The outlook remains negative.

The action follows a review of UnitedHealth's operating performance through the first three quarters of 2010, Fitch said, and considers expectations for the company's performance for the remainder of 2010 and 2011.

UnitedHealth has continued to produce solid, albeit modestly lower operating margins and cash flow, despite unfavorable economic conditions and considerable capital market turmoil over the past two years, the agency said.

UnitedHealth's financial leverage has declined significantly over the past two years, Fitch said.

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