Moody's affirms Cigna

Moody's Investors Service said it affirmed Cigna Corp.'s Baa2 senior unsecured debt rating after reviewing the company's earnings and capital plans for 2009.

The outlook remains negative.

Ratings reflect market volatility, consolidated NAIC risk based capital and increased unfunded pension liability, the agency said.

Somewhat offsetting the negatives are Cigna's strong business profile and consistent operating earnings and cash flow generation from its core businesses, strong liquidity position, and a fairly stable and conservative investment portfolio, Moody's said.

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