Fitch rates Anthem notes A-

Fitch Ratings assigned a rating of A- to Anthem Inc.'s issuance of $200 million in 3½% senior unsecured notes due 2007. The outlook is stable.

The notes are being issued following the remarketing of Anthem's equity security units originally issued by the company in conjunction with its initial public offering of common stock in November 2001. Proceeds from the issuance of the notes will be used to cancel and retire subordinated debentures that were originally attached to the equity security units.

Fitch said Anthem's ratings continue to be supported by the company's very strong operating performance, solid balance sheet fundamentals, good geographic diversification, strong management team and excellent competitive position in its primary markets.

These strengths are offset to some extent by integration risk, particularly in relation to its pending merger with WellPoint Health Networks Inc., which has been delayed by regulatory resistance in California, according to Fitch.

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