Fitch Expects to Rate UnitedHealth Group's Planned Senior Notes Offering 'A-'

  Fitch Expects to Rate UnitedHealth Group's Planned Senior Notes Offering
  'A-'

Business Wire

NEW YORK -- October 17, 2012

Fitch Ratings expects to assign an 'A-' rating to UnitedHealth Group Inc.'s
(UNH) proposed issue of senior unsecured notes. The rating on the planned
issuance, which Fitch expects to be comprised of a mix of 3-year, 5-year,
10-year, and 30-year maturities, is equivalent to the ratings on UNH's
existing senior unsecured notes.

A complete list of UNH's ratings follows at the end of this release.

Fitch's understanding is that UNH will use the proceeds of today's planned
issuance to fund at least a portion of the first step of UNH's previously
announced acquisition of Amil Participacoes S.A. (Amil), a Brazil-based
managed care company.

Following UNH's Oct. 8, 2012 announcement of its plan to acquire Amil, Fitch
affirmed the ratings on UNH's outstanding securities and its Insurer Financial
Strength (IFS) ratings on various UNH operating company subsidiaries.

As the first step of the Amil transaction, UNH will purchase approximately 60%
of the outstanding Amil shares from controlling shareholders and management of
Amil for approximately $3.2 billion in cash. The first step of the transaction
is expected to take place in the fourth quarter of 2012, following Brazilian
regulatory approval.

UNH plans to conduct a tender offer for the approximate 30% of Amil's shares
that are publicly owned in the first quarter of 2013, bringing the total
expected value of the transaction of approximately $4.9 billion.

Fitch expects that UNH's post-acquisition run-rate interest coverage and
financial leverage will remain supportive of the company's current ratings.

Fitch currently rates UNH's entities as follows, with a Stable Rating Outlook:

UnitedHealth Group, Incorporated

--Long-term IDR 'A';

--Short-term IDR 'F1';

--Commercial paper rating 'F1';

--5.500% senior unsecured notes due 2012 'A-';

--4.875% senior unsecured notes due 2013 'A-';

--4.875% senior unsecured notes due 2013 'A-';

--4.75% senior unsecured notes due 2014 'A-';

--5% senior unsecured notes due 2014 'A-';

--4.875% senior unsecured notes due 2015 'A-';

--1.875% senior unsecured notes due 2016 'A-';

--5.375% senior unsecured notes due 2016 'A-';

--6% senior unsecured notes due 2017 'A-';

--6% senior unsecured notes due 2017 'A-';

--6% senior unsecured notes due 2018 'A-';

--3.875% senior unsecured notes due 2020 'A-';

--3.375% senior unsecured notes due 2021 'A-';

--4.7% senior unsecured notes due 2021 'A-';

--0% senior unsecured notes due 2022 'A-';

--2.875% senior unsecured notes due 2022 'A-';

--5.8% senior unsecured notes due 2036 'A-';

--6.5% senior unsecured notes due 2037 'A-';

--6.625% senior unsecured notes due 2037 'A-';

--6.875% senior unsecured notes due 2038 'A-';

--5.7% senior unsecured notes due 2040 'A-';

--5.95% senior unsecured notes due 2041 'A-';

--4.625% senior unsecured notes due 2041 'A-';

--4.375% senior unsecured notes due 2042 'A-'.

UnitedHealthcare Insurance Company

UnitedHealthcare Insurance Company of Illinois

UnitedHealthcare Insurance Company of New York

Sierra Health & Life Insurance Company, Inc.

Health Plan of Nevada, Inc.

UnitedHealthcare of Florida, Inc.

PacifiCare of Arizona, Inc.

Oxford Health Insurance, Inc.

Oxford Health Plans of New York, Inc.

UnitedHealthcare of Wisconsin, Inc

UnitedHealthcare Benefits of Texas, Inc.

UHC of California

PacifiCare Life & Health Insurance Company

UnitedHealthcare Plan of the River Valley

--IFS 'AA-'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Sept. 19, 2012).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688011

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Contact:

Fitch Ratings
Primary Analyst
Greg Dickerson
Director
+1-212-908-0220
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Mark E. Rouck, CPA, CFA
Senior Director
+1-312-368-2085
or
Committee Chairperson
Douglas L. Meyer, CFA
Managing Director
+1-312-368-2061
or
Media Relations
Brian Bertsch
+1-212-908-0549
brian.bertsch@fitchratings.com
 
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