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Fitch Upgrades AMIL to 'AAA(bra)'

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RIO DE JANEIRO--(BUSINESS WIRE)--

Fitch Ratings has upgraded Amil Participacoes S.A.'s (AMIL) national scale rating to 'AAA(bra)' from 'AA(bra)'. The Rating Outlook for the corporate ratings is Stable. A full list of the rating actions is provided at the end of this release.

This rating action follows the announcement on Oct. 26, 2012, that AMIL has concluded the transfer of its direct controlling shareholder, representing 58.9% of its total and voting capital, to UnitedHealth Group Inc. (UnitedHealth), the largest health benefits and services company in the United States. The transaction was approved, in all terms and conditions, by the Brazilian Healthcare Regulatory Agency (ANS), on Oct. 22, 2012.

The rating upgrade reflects the strengthen in AMIL's business and financial profile regarding the stronger financial support, valuable business expertise and access to modern technology through the new shareholder, UnitedHealth, Issuer Default Rating (IDR) of 'A' and Insurer Financial Strength (IFS) ratings of 'AA-' by Fitch. Fitch believes that the support of the U.S. company will probably lower AMIL's cost of funding and, also, provide larger financial flexibility for the company to continue with its acquisition strategy in the country and abroad. So far, AMIL has operated its businesses under profitable basis and a solid capital structure.

AMIL's ratings reflect the company's efficient track record in managing its business, its success in integrating acquired companies and its conservative financial profile management. The ratings also consider the leadership of AMIL in the Brazilian market, a long history of low medical loss ratios, and wide coverage of market segments, obtained through its network of service providers and their product mix, which provides the company with competitive advantages over its peers in the industry.

Fitch has upgraded the following ratings:

--National Scale Rating upgraded to 'AAA(bra)' from 'AA(bra)';
--BRL900 million debentures issuance due 2015 to 'AAA(bra)' from 'AA(bra)';
--BRL300 million debentures issuance due 2014 to 'AAA(bra)' from 'AA(bra).

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (Aug. 8, 2012);
--'National Ratings - Methodology Update' (Jan. 19, 2011).

Applicable Criteria and Related Research:
Corporate Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460
National Ratings Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885



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Fitch Ratings
Primary Analyst:
Debora Jalles, +55-21-4503-2629
Director
Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - Sala 401 B - Centro - Rio de Janeiro - RJ - CEP: 20010-010
or
Secondary Analyst:
Renata Pinho, +55-11-4504-2207
Director
or
Committee Chairperson:
Ricardo Carvalho, +55-21-4503-2627
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
















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