Elevance Health, Inc. announced on September 10, 2025, the issuance of $3 billion in new senior unsecured notes across four tranches, with maturities ranging from 2028 to 2055. The proceeds from these debt issuances are expected to be used for general corporate purposes, which may include investments and pre-funding debt maturities due in October 2025 and the first quarter of 2026.
AM Best assigned a Long-Term Issue Credit Rating of 'bbb+' (Good) with a stable outlook to these newly issued notes. This indicates a positive assessment of the company's creditworthiness despite the new debt.
The rating agency expects financial leverage to moderate after the repayment of upcoming maturities, but it will remain slightly over Elevance Health’s long-term target of 40% going into the fourth quarter of 2025. Elevance Health's debt maturity structure is well-laddered, and its interest coverage remains stable at 9.3 times through the second quarter of 2025.
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