AM Best Assigns Issue Credit Ratings to UnitedHealth Group’s New Senior Unsecured Notes

AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) to UnitedHealth Group Incorporated’s recently issued senior unsecured notes. The outlook assigned to these ratings is stable.

The proceeds from these issues are expected to be utilized for general corporate purposes, including the repayment of outstanding commercial paper and upcoming debt maturities. As of December 31, 2023, UnitedHealth Group had approximately $1.1 billion of commercial paper outstanding and debt maturities for 2024, totaling about $3 billion. Financial leverage, as measured by AM Best, was about 40% at year-end 2023. These debt issuances are anticipated to increase financial leverage modestly in the near term. UnitedHealth Group manages its financial leverage at 40% on a long-term basis with some variances for timing, planned capital deployment, and acquisitions.

UnitedHealth Group demonstrates strong interest coverage and operating cash flows, with consistent growth trends in revenues and earnings. Non-regulated cash flows are significant for the organization and support exceptional financial flexibility. Financial flexibility is further bolstered by the commercial paper program, a $18 billion revolving credit facility, parent company cash, and dividends from regulated insurance subsidiaries.

The Long-Term IRs of “a” (Excellent) with stable outlooks have been assigned to the following senior unsecured notes:

  • $500 million 4.6% senior unsecured notes, due 2027
  • $400 million 4.7% senior unsecured notes, due 2029
  • $1 billion 4.9% senior unsecured notes, due 2031
  • $1.25 billion 5% senior unsecured notes, due 2034
  • $1.75 billion 5.375% senior unsecured notes, due 2054
  • $1.1 billion 5.5% senior unsecured notes, due 2064

For all rating information and disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments, and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. For more information, visit

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