S&P: ConnectiCare on positive watch

Standard & Poor's said it placed its B+ counterparty credit and financial strength ratings on ConnectiCare Inc. on CreditWatch with positive implications.

This rating action followed the announcement that the company will be acquired by Health Insurance Plan of Greater New York (BBB-/negative/--) in a transaction that is expected to close in the fourth quarter of 2004.

"The ratings on ConnectiCare are expected to benefit from the stronger ratings on HIP and the strengthened business position the combined companies would have in the New York metropolitan health insurance marketplace," said S&P credit analyst Phillip Tsang.

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