S&P gives WellPoint notes A-

Standard & Poor's said it assigned its A- ratings on WellPoint Inc.'s planned issuance of $400 million of senior unsecured notes due February 2014 and $600 million senior unsecured notes due February 2019.

"The new debt ratings reflect WellPoint's very strong competitive position, diverse earnings profile, and strong overall liquidity," said S&P credit analyst Joseph Marinucci.

"Offsetting factors include recent operating margin erosion, a moderately aggressive share repurchase trend, and a material amount of intangibles relative to equity, which is a quality of capital constraint."

The agency said it expects WellPoint to use the proceeds to refinance short-term debt obligations expected to mature in 2009.

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