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Fitch affirms Coventry Health Care
Fitch Ratings said it affirmed Coventry Health Care, Inc.'s issuer default rating at BBB, $250 million 5.875% senior unsecured notes due 2012 at BBB-, $250 million 6.125% senior unsecured notes due 2015 at BBB-, $400 million of 5.95% senior unsecured notes due 2017 at BBB- and $400 million of 6.30% senior unsecured notes due 2014 at BBB-.
The outlook remains negative.
The affirmation follows a review of Coventry's balance sheet and operating performance in 2009 and the first quarter of 2010, Fitch said, and expectations for the company's performance for the remainder of 2010.
The outlook is driven by the agency's decision in July 2009 to assign a negative outlook to all U.S health insurers, reflecting risks associated with health reform legislation, Fitch added.
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