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Credit rating agency Moody’s Investors Service said Friday that the cyberattack reported by UnitedHealth Group (NYSE:UNH) on its Change Healthcare division was “credit negative” for the company.
As reasons for its view, the firm argued that the hack that UnitedHealth (UNH) identified on Wednesday could lead to potential “financial and reputational impacts” on the company.
In an SEC filing late Thursday, the Minnesota-based healthcare giant Minnetonka noted that “a suspected nation-state” was behind the attack, which has reportedly caused widespread disruption in pharmacies across the U.S.
The company added that how long or to what extent the hack would disrupt its operations remained uncertain as it was working to restore the affected systems.
At the time of the filing, UnitedHealth (UNH) said it had yet to determine if the incident would materially impact its financials or results of operations.
UNH inked a $12B deal to add Change Healthcare in 2022, further boosting its health services arm, Optum, which recorded ~24% YoY revenue growth in 2023, outpacing its insurance division, UnitedHealthcare.