Nov 07 -
-- Cigna Corp. has requested that we withdraw our rating on its subsidiary
-- Subsequently, we affirmed our 'BBB-' long-term counterparty credit
rating on HealthSpring and then withdrew the rating.
Standard & Poor's Ratings Services said today that it affirmed its 'BBB-' long-term
counterparty credit rating on HealthSpring Inc., and then withdrew the rating.
HealthSpring Inc., a Nashville, Tenn.-based Medicare-focused health plan, was acquired by
Cigna Corp., a Hartford, Conn.-based diversified health care services company, on Jan. 31, 2012.
HealthSpring Inc. continues to exist as an intermediate holding company within the Cigna Corp.
Prior to the rating withdrawal, we had a positive outlook on HealthSpring. This was based on
our view that HealthSpring, which we deem as a "strategically important" entity within the Cigna
Corp. organization, was evolving toward "core" group status. Designation of core group status
would have resulted in an upgrade.
RELATED CRITERIA AND RESEARCH
-- HealthSpring Inc. Rating Raised To Investment-Grade 'BBB-' From 'BB-' On Completion Of
Acquisition By Cigna, Jan. 31, 2012
-- Group Methodology, April 22, 2009
Counterparty Credit Rating BBB-/Positive/--
Counterparty Credit Rating NR/--/-- BBB-/Positive/--