AM Best has assigned indicative Long-Term Issue Credit Ratings of “bbb” (Good) to subordinated issues, “bbb-” (Good) to preferred stock issues and “bbb+” (Good) to senior unsecured issues on the recently filed shelf registrations of Elevance Health, Inc. (Elevance Health) (Indianapolis, IN) [NYSE: ELV]. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings of the previous shelf registration, which expired.

AM Best notes that Elevance Health has shown an ability to manage the financial leverage around its 40% target range following temporary fluctuations due to debt issuances and acquisition activity. Furthermore, the company continues to maintain strong earnings before interest and taxes interest coverage in the 10 times range. Elevance Health’s regulated cash flow, capitalization and operating results continue to be strong, with well-diversified and growing sources of non-regulated revenue and earnings. In addition, the company’s financial flexibility and liquidity remains well supported by its large commercial paper program, parent company cash and a revolving credit facility.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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