Fitch lowers Health Net

Fitch Ratings said it has downgraded the issuer default rating of Health Net, Inc. to BB- from BBB-, the senior debt rating to B+ from BB+ and the insurer financial strength rating of its insurance subsidiaries to BBB- from BBB+.

The outlook is negative.

The agency said that the action reflects the negative implications arising from the announcement made by the U.S. Department of Defense indicating that Health Net's contract as the Managed Care Support Contractor for the Tricare North Region was not being renewed.

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