Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Magellan Health, Inc.Global Credit Research - 03 Feb 2021New York, February 03, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Magellan Health, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 1 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Magellan's Ba1 CFR reflects its good scale, positive growth prospects , and diverse customer base. The credit profile also reflects relatively low financial leverage with gross debt/EBITDA likely to remain low. Tempering these strengths, Magellan competes with much larger health insurance competitors and pharmacy benefits management companies. Other key risks include customer turnover, a reduction in scale following the divestiture of Magellan Complete Care, and the uncertainty created by rapid industry consolidation involving healthcare insurers and providers. The rating was placed under review for downgrade on May 1, 2020; for details see Moody's press release issued on that date.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Michael Levesque, CFA Senior Vice President Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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