South Jersey Industries Inc
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Utilities : Gas Utilities | Small Cap BlendCompany profile

South Jersey Industries, Inc. (SJI) is an energy services holding company. The Company provides a range of energy-related products and services, primarily through its subsidiaries. Its subsidiaries include South Jersey Gas Company (SJG), South Jersey Energy Company (SJE), South Jersey Resources Group, LLC (SJRG), South Jersey Exploration, LLC (SJEX), Marina Energy, LLC (Marina), South Jersey Energy Service Plus, LLC (SJESP) and SJI Midstream, LLC (Midstream). Its segments include Gas utility operations (SJG), which consist primarily of natural gas distribution; Wholesale energy operations, which include the activities of SJRG and SJEX; SJE, which is involved in both retail gas and retail electric activities; On-Site energy production, which consists of Marina's thermal energy facility; Appliance service operations, which include SJESP, and Corporate and Services segment, which includes the activities of Midstream.

Closing Price
$32.31
Day's Change
-0.71 (-2.15%)
Bid
--
Ask
--
B/A Size
--
Day's High
32.97
Day's Low
31.54
Volume
(Heavy Day)
Volume:
1,764,353

10-day average volume:
631,609
1,764,353

AM Best Assigns Issue Credit Rating to UnitedHealth Group Incorporated's Senior Unsecured Notes

9:25 am ET July 24, 2019 (BusinessWire) Print

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "a-" to UnitedHealth Group Incorporated's (UnitedHealth) (Minnetonka, MN) [NYSE:UNH] recently announced $750 million 2.375% senior unsecured notes due 2024; $1 billion 2.875% senior unsecured notes due 2029; $1.25 billion 3.50% senior unsecured notes due 2039; $1.25 billion 3.70% senior unsecured notes due 2049; and $1.25 billion 3.875% senior unsecured notes due 2059. The outlook assigned to the Credit Rating (rating) is stable.

AM Best expects the proceeds to be used for general corporate purposes including to pay down outstanding commercial paper borrowings and other outstanding debt. UnitedHealth's Long-Term Issuer Credit Rating of "a-'', its existing Long-Term IRs and the ratings of its insurance subsidiaries are unchanged.

Financial leverage at the end of second-quarter 2019 was above UnitedHealth's target of 40% primarily due to the close of its acquisition of DaVita Medical Group. AM Best expects the new debt issues to be neutral to financial leverage and that UnitedHealth will deleverage back to its target range in the near term. UnitedHealth's coverage ratio remains very strong at over 11 times based on strong operating results with material top line growth and modest margin expansion through the first half of the year. Additionally, UnitedHealth has material non-regulated cash flow and earnings that are substantially higher than that of its peers. Furthermore, UnitedHealth had very good financial flexibility through its commercial paper program, parent company cash, subsidiary dividends and $12.5 billion 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 Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright (C) 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190724005499/en/

SOURCE: AM Best

Bridget Maehr
Associate Director 
+1 908 439 2200, ext. 5321 
bridget.maehr@ambest.com


Sally Rosen 
Senior Director 
+1 908 439 2200, ext. 5280 
sally.rosen@ambest.com


Christopher Sharkey 
Manager, Public Relations 
+1 908 439 2200, ext. 5159 
christopher.sharkey@ambest.com


Jim Peavy 
Director, Public Relations 
+1 908 439 2200, ext. 5644 
james.peavy@ambest.com

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