S&P gives Anthem notes A

S&P said it assigned its A debt rating to Anthem Inc.'s expected senior unsecured notes, which will be issued in 10- and 30-year tranches.

“The debt issuance does not affect our A issuer credit rating on Anthem. Pro forma financial leverage will be 41% (including operating lease adjustments) as of March 31, 2022, compared with 40% on a reported basis. Earnings growth will lead financial leverage to return to 40% this year,” the agency said in a press release.

Anthem plans to use the proceeds to refinance $850 million of senior unsecured notes due May 2022 and for general corporate purposes, including pending acquisitions, such as Integra Managed Care, which Anthem expects to close by the end of the second quarter.

The outlook is stable.

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