惠誉下调联合健康展望至负面，因利润承压

英为财情

2025/07/31

Investing.com -- 惠誉评级已将联合健康集团(UnitedHealth Group)的展望从稳定下调至负面，同时确认其子公司的保险财务实力评级为"AA-"。评级机构维持了联合健康的长期发行人违约评级和优先无担保票据评级为"A"，以及United HealthCare Services, Inc.的发行人违约评级为"A"。展望变更是在联合健康周二的第二季度财报电话会议之后做出的，...

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href=\"https://cn.investing.com/news/stock-market-news/article-93CH-2911045\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0097036916.USD","symbol_name":"贝莱德美国增长A2 USD","start_time":0,"source_url":"https://cn.investing.com/news/stock-market-news/article-93CH-2911045","article_id":"2555029005","we_media_id":null,"thumbnails":[],"rights":{"source":"investing_news","url":"https://cn.investing.com/news/stock-market-news/article-93CH-2911045","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2555029005","pubTimestamp":1753903500,"columns":[{"name":"政策监管","id":32,"label_key":"policyRegulatory"}],"sourceInfo":{"source_id":"investing_news","name":"英为财情新闻"},"weMediaInfo":null,"summary":"Investing.com -- 惠誉评级已将联合健康集团的展望从稳定下调至负面，同时确认其子公司的保险财务实力评级为\"AA-\"。评级机构维持了联合健康的长期发行人违约评级和优先无担保票据评级为\"A\"，以及United HealthCare Services, 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Inc.的发行人违约评级为\"A\"。\n展望变更是在联合健康周二的第二季度财报电话会议之后做出的，公司在会上提供了指引，表明2025年剩余时间的运营表现将显著下降。这一业绩下滑表明，公司将在今年达到其财务杠杆下调敏感度，且预计2026年仅能部分恢复。\n惠誉将运营表现减弱列为关键评级驱动因素，指出联合健康的财务表现\"直到2025年之前一直非常强劲\"。由于意外高企的医疗保健成本，公司现在面临运营利润率和盈利能力的压力，这些成本受到高利用率和单位成本的推动。惠誉估计，2025年运营EBITDA利润率将约为6.5%，低于2024年的9.8%。\n评级机构还强调了资本化和杠杆指标面临的压力，这些指标在2025年甚至可能延续到2026年都将高于当前评级类别的指导线。惠誉估计，2025年债务/EBITDA比率将达到约2.7倍，高于2024年的约2.0倍，而财务杠杆比率在年底将约为43%。\n联合健康作为按医疗会员总数计算的美国最大健康保险和健康服务提供商，面临几个新兴的不利因素，可能会挑战其利润率恢复努力。这些包括持续高企的医疗保健利用趋势、Medicaid风险池中可能更高的急性程度，以及平价医疗法案个人交易业务的强化保费税收抵免可能到期。\n该公司还面临美国司法部对其参与Medicare Advantage计划某些方面的调查，惠誉将其视为结果不可预测的\"事件风险\"。\n要使展望恢复至稳定，联合健康需要显示其财务杠杆比率和债务/EBITDA比率分别向40%和2.0倍方向的实质性改善。\n\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}