AM Best Assigns Indicative Issue Credit Ratings to Elevance Health, Inc.’s New Shelf Registration

NOVEMBER 12, 2026 11:36 AM (EST)

AM Best Assigns Indicative Issue Credit Ratings to Elevance Health, Inc.'s New Shelf Registration

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FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 12, 2026 11:36 AM (EST)
AM Best has assigned indicative Long-Term Issue Credit Ratings of "bbb+" (Good) to senior unsecured issues, "bbb" (Good) to subordinated issues and "bbb-" (Good) to preferred stock issues to 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 Concurrently, AM Best has withdrawn the ratings of the previous shelf registration, which expired.

Financial leverage at Sept. 30, 2026, was 40.8%, as measured by AM Best. Elevance Health manages financial leverage at a 40% target range on a long-term basis. Elevance Health continues to maintain adequate earnings before interest and taxes interest coverage of over six times for 2025 and through the third quarter of 2026. Elevance Health's regulated cash flow, risk-adjusted capitalization and operating results continue to be strong with growing sources of non-regulated revenue and earnings. The company's financial flexibility and liquidity is good, supported by its large commercial paper program, parent company cash and a revolving credit facility.

AM Best notes that the indicative senior unsecured notes previously appeared incorrectly on the company's AM Best webpage as indicative senior secured notes and has since been corrected.

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 (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.