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S&P downgrades Health Care
S&P said it lowered the long-term counterparty credit and financial strength ratings on Health Care Service Corp. to A+ from AA-.
The company does business as Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana.
The agency also said it lowered the long-term counterparty credit and financial strength ratings on the company's strategically important subsidiaries, Dearborn National Life Insurance Co. and Dearborn National Life Insurance Co. of New York to A from A+.
The outlook is stable.
The downgrades reflect the company’s persistent weak operating performance, S&P said.
The stable outlook considers a view that Health Care Service will maintain its strong business risk profile and significant AAA capital redundancy over the next 18- to 24-months, the agency said.
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