S&P: Anthem convertibles BBB+

Standard & Poor’s said it assigned a BBB+ debt rating to Anthem Inc.’s $900 million in equity units, which represent hybrid capital.

Notching of the issue rating reflects that the equity units consist of common stock-purchase contracts and a subordinated note, S&P said.

The notes mature in 2028, 10 years after the mandatory equity purchase, the agency said.

The proceeds are expected to be used for general corporate purposes, including repurchasing a portion of its outstanding convertible debt, S&P said.

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