Moody's rates Aetna notes Baa1

Moody's Investors Service said it assigned a Baa1 senior debt rating to Aetna Inc.'s (senior debt at Baa1/stable) issuance of $500 million of new long-term debt.

The debt issuance is a draw on the company's shelf registration, which it filed in December 2008. Aetna expects to use the net proceeds for repayment of $450 million of senior notes due in June and for general corporate purposes.

Moody's noted that there will be no appreciable change in Aetna's adjusted financial leverage, which was 35.1% as of March 311 and is in line with the expectation for the company's current rating level.

The Baa1 senior debt rating for Aetna Inc. is based primarily on the company's strong business profile, driven by its strong national presence and brand name, large membership base and its broad range of group and specialty products, the agency added.

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