Moody's rates Anthem notes Baa1

Moody's Investors Service assigned a Baa1 rating to Anthem Inc.'s senior notes maturing in September 2007. The $200 million notes are a drawdown from an existing shelf of $1 billion.

Moody's notes that the exchange will slightly increase the financial flexibility of the company as a result of the anticipated lower cost of funds associated with the senior notes.

Moody's also affirmed the ratings of Anthem and Anthem Insurance Co. Inc., including Anthem Inc.'s Baa1 senior unsecured debt rating of Baa1, senior debt shelf rating of prospective Baa1, subordinated debt shelf rating of prospective Baa2, preferred stock shelf rating of prospective Baa3 and short-term debt rating for commercial paper of Prime-2 and Anthem Insurance Co. Inc.'s insurance financial strength rating of A1 and surplus note rating of A3. The outlook is stable.

Underlying Anthem's ratings, Moody's cites the company's diversified health benefits operations and strong market share in several states. Moody's added that the rating also reflects the company's disciplined financial management, sound strategic focus, and proven prowess in acquiring and integrating health insurance operations.

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