Moody’s Investors Service has cut the ratings it has assigned to UnitedHealth Group Inc. 1 notch.
A review team hired by the UnitedHealth board announced Sunday that it had found evidence that the company had backdated options and had suffered from weak internal controls.
Moody’s, New York, has responded by cutting the rating it has assigned to long-term UnitedHealth debt to A3, from A2.
Moody’s also cut the insurance financial strength rating of United HealthCare Insurance Company, UnitedHealth’s main operating subsidiary, to A1, from Aa3.
Standard & Poor’s Ratings Services, New York, announced Monday that it was affirming the A counterparty credit rating it has assigned to UnitedHealth.
The Chicago office of Fitch Ratings said the A plus long-term issuer default rating would stay on “rating watch negative.”