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Moody's downgrades Cigna's ratings

Moody's downgraded Cigna Holding Co.'s long-term ratings, including its senior unsecured debt rating to Baa2 from Baa1, following the closing of its acquisition of Express Scripts Holding Co.

The outlook for Cigna was revised to stable from ratings under review by Moody's.

The rating agency also downgraded insurance financial strength ratings for Cigna's units, Connecticut General Life Insurance Co. Inc., Life Insurance Co. of North America and Cigna Health & Life Insurance Co. to A2 from A1.

The one-notch downgrades of Cigna's senior debt and insurance financial strength ratings, according to Moody's, reflect the significant rise in Cigna's financial leverage and decrease in overall financial flexibility that has resulted from the acquisition of Express Scripts.