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Published on 4/16/2008 in the Prospect News Investment Grade Daily.

Fitch affirms Humana

Fitch Ratings said it affirmed Humana Inc.'s BBB long-term issuer default rating, F2 short-term issuer default rating and BBB- ratings for its 6.45% senior unsecured notes due 2016 and 6.3% senior unsecured notes due 2018.

The outlook is stable.

Ratings reflect improving operating performance and cash flow generation in recent years, adequate operating company capitalization, stable balance sheet fundamentals and good competitive position in several markets and product lines, the agency said.

Ratings also consider the capital demands caused by strong business growth in the Medicare market and the growing dependence and concentration in government business, Fitch said.

While Humana's debt-to-EBITDA ratio improved with strong cash flow generation in 2007, it is expected to return to about 1.4 times in 2008, the agency noted.


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