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Moody’s upgrades Cigna
Moody's Investors Service said it upgraded Cigna Corp.'s and Cigna Holding Co.'s senior debt rating to Baa1 from Baa2.
The upgrade reflects the decision to apply a two-notch gap between the insurance financial strength and senior debt ratings, instead of the standard three-notches, Moody’s said.
“With the acquisition of Express Scripts Holding Co. (ESI) in December 2018, Moody's estimates that the percentage of Cigna's cash flow to the parent from unregulated sources has increased to approximately 70% in 2019 and 2020 from approximately 20% per year on average from 2010 – 2018. Reliance on dividends from regulated subsidiaries is a main reason for the standard three-notch gap rating gap,” the agency said in a press release.
The outlook remains stable.
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