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Australian Unity Health Ltd.
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
A focused health insurance strategy that aligns with the wider group's wellbeing business offering Implied support from the Australian Unity group Solid earnings track record Liquid and well-managed investment portfolio Weaker capitalization than peers Moderate-sized player nationally with some geographical concentration, although a good market position in Victoria The insurer financial strength and counterparty credit ratings on Australian Unity Health Ltd. (AUH; BBB+/Stable/--) reflect the health fund's membership of the more diverse Australian Unity Ltd. (AU group; not rated), with its focused health and wellbeing offering to members, a robust earnings track record, and a well-managed investment portfolio. Factors moderating the rating include AUH's relatively low capitalization and some scale and concentration issues versus major peers. Like other health funds,...
Companies mentioned in this report are: Australian Unity Health Ltd.
Action: Review
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