ELV · 10-Q · 2026Q2 · Full report

Interest Rate and Refinancing Exposure

Elevance Health, Inc. · 2026-07-15 · Importance 48 · Surprise 6

Elevance periodically accesses capital markets and may issue long-term debt (Notes) to refinance debt, finance acquisitions or repurchase shares, and some Notes may include call or put features tied to change-in-control and rating events. The company has a senior revolving 5-Year Facility providing up to $5,000 (maturing September 2030) and an authorized commercial paper program of up to $5,000; as of June 30, 2026 there was no outstanding commercial paper. It also maintains membership with several Federal Home Loan Banks (FHLBs) that provide short-term advances (had $0 outstanding at June 30, 2026). Elevance’s consolidated debt-to-capital ratio was 40.8% at June 30, 2026 (42.1% at December 31, 2025) and its senior debt ratings were A- (S&P), BBB+ (Fitch), Baa2 (Moody’s) and bbb+ (AM Best); management intends to maintain investment grade ratings but warns that downgrades could raise borrowing costs and limit access to financing.