Moody's Downgrades Cigna After Sale Announcement

Moody's Investors Service downgraded the credit ratings of Cigna Corporation (senior debt to Baa3 from Baa2) and its affiliates (see complete list of rating adjustments below) following the announcement by Cigna that it had signed a definitive agreement to sell its retirement business, excluding its corporate-owned life insurance unit and its investment advisory operation, to Prudential Financial, Inc. for approximately $2.1 billion in cash. The transaction, subject to regulatory approval, is expected to close in the first quarter of 2004. The outlook on Cigna'S ratings and its affiliates is n...