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S&P: HealthSpring on watch
Standard & Poor's said it placed its BB- counterparty credit rating on HealthSpring Inc. on CreditWatch with positive implications.
The CreditWatch placement reflects HealthSpring's anticipated acquisition by a higher-rated entity, Cigna Corp., which likely will result in an upgrade of HealthSpring up to the same level as Cigna at deal closing, depending on S&P's application of group methodology criteria, the agency said.
S&P said it would likely upgrade the rating upon the deal closing. In the interim, S&P said it will continue to monitor HealthSpring's financial condition as well as discuss HealthSpring's prospective capital structure and strategic group status with Cigna's management team.
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