Fitch Upgrades AMIL to 'AAA(bra)'

  Fitch Upgrades AMIL to 'AAA(bra)'

Business Wire

RIO DE JANEIRO -- October 30, 2012

Fitch Ratings has upgraded Amil Participacoes S.A.'s (AMIL) national scale
rating to 'AAA(bra)' from 'AA(bra)'. The Rating Outlook for the corporate
ratings is Stable. A full list of the rating actions is provided at the end of
this release.

This rating action follows the announcement on Oct. 26, 2012, that AMIL has
concluded the transfer of its direct controlling shareholder, representing
58.9% of its total and voting capital, to UnitedHealth Group Inc.
(UnitedHealth), the largest health benefits and services company in the United
States. The transaction was approved, in all terms and conditions, by the
Brazilian Healthcare Regulatory Agency (ANS), on Oct. 22, 2012.

The rating upgrade reflects the strengthen in AMIL's business and financial
profile regarding the stronger financial support, valuable business expertise
and access to modern technology through the new shareholder, UnitedHealth,
Issuer Default Rating (IDR) of 'A' and Insurer Financial Strength (IFS)
ratings of 'AA-' by Fitch. Fitch believes that the support of the U.S. company
will probably lower AMIL's cost of funding and, also, provide larger financial
flexibility for the company to continue with its acquisition strategy in the
country and abroad. So far, AMIL has operated its businesses under profitable
basis and a solid capital structure.

AMIL's ratings reflect the company's efficient track record in managing its
business, its success in integrating acquired companies and its conservative
financial profile management. The ratings also consider the leadership of AMIL
in the Brazilian market, a long history of low medical loss ratios, and wide
coverage of market segments, obtained through its network of service providers
and their product mix, which provides the company with competitive advantages
over its peers in the industry.

Fitch has upgraded the following ratings:

--National Scale Rating upgraded to 'AAA(bra)' from 'AA(bra)';
--BRL900 million debentures issuance due 2015 to 'AAA(bra)' from 'AA(bra)';
--BRL300 million debentures issuance due 2014 to 'AAA(bra)' from 'AA(bra).

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:
--'Corporate Rating Methodology' (Aug. 8, 2012);
--'National Ratings - Methodology Update' (Jan. 19, 2011).

Applicable Criteria and Related Research:
Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460
National Ratings Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst:
Debora Jalles, +55-21-4503-2629
Director
Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - Sala 401 B - Centro - Rio de Janeiro - RJ - CEP:
20010-010
or
Secondary Analyst:
Renata Pinho, +55-11-4504-2207
Director
or
Committee Chairperson:
Ricardo Carvalho, +55-21-4503-2627
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
 
Press spacebar to pause and continue. Press esc to stop.