Moody's gives WellPoint issue Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured debt rating to WellPoint, Inc.'s issuance of $1 billion of new long-term debt.

The outlook is negative.

The debt issuance is a draw on the company's shelf registration, which it filed in December 2008, Moody's said.

The proceeds will be used for debt repayment and other general corporate purposes, the agency said.

Moody's said that with the additional debt, WellPoint's financial leverage is expected to remain below 35%, which is expected for the current rating level.

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