Fitch: WellPoint unchanged

Fitch Ratings said it does not expect this morning's announcement that WellPoint, Inc. will sell its pharmacy benefit management subsidiaries to affect Fitch's ratings for the company in the near term.

WellPoint announced in a press release this morning that it had signed a definitive agreement to sell its NextRx subsidiaries, which encompass its PBM operations, to Express Scripts, Inc., a large North American PBM, for $4.675 billion in cash and Express Scripts common stock, the agency said.

While Fitch said it believes that's announcement has positive implications for WellPoint's future capital position and financial flexibility, the transaction, assuming shareholder and regulatory approval is obtained, is not expected to close until the second half of the 2009.

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