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All those big health-care mergers may mean financial risk is getting concentrated

CVS Health Corp. bought health insurer Aetna Inc. for nearly $70 billion. Cigna Corp. paid about $54 billion for pharmacy-benefits manager Express Scripts Holding Co.

These deals and others have been powerful consolidating forces in the U.S. health industry, with high price tags accompanied by investment-grade bond issuances.

Now they prompt a new question: Is financial risk also getting concentrated?

Maybe, according to a new note out from Fitch Ratings.

Just ten companies, including CVS CVS, -0.74% and Cigna CI, -1.05% account for 51% of the investment-grade health care bonds outstanding, according to the credit rating agency.

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