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AM Best Assigns Indicative Issue Credit Ratings to Elevance Health, Inc.’s New Shelf Registration

  • AM Best assigned indicative Long-Term Issue Credit Ratings of "bbb+" to senior unsecured issues, "bbb" to subordinated issues, & "bbb-" to preferred stock issues for Elevance Health's new shelf registrations.
  • The outlook for these ratings is stable, & previous shelf registration ratings were withdrawn due to expiration.
  • Financial leverage stood at 40.8% as of Sept. 30, 2026, aligning with the company's long-term target range of 40%.
  • Elevance Health maintained earnings before interest & taxes coverage over six times for 2025 & through Q3 2026.
  • The company reported strong regulated cash flow, risk-adjusted capitalization, & operating results driven by growing non-regulated revenue & earnings.
  • Financial flexibility & liquidity remain good, supported by a large commercial paper program, parent company cash, & a revolving credit facility.
  • AM Best corrected a previous error where senior unsecured notes were mistakenly listed as secured notes on its webpage.
  • Contact information is provided for Jennifer Asamoah, Bridget Maehr, Christopher Sharkey, & Al Slavin at AM Best regarding the ratings.