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S&P lowers Health Net
Standard & Poor's said it lowered Health Net Inc.'s counterparty credit rating to BB- from BB after its subsidiary Health Net Federal Services' contract for the Tricare North region was not renewed by the U.S. Department of Defense.
The outlook is negative.
"Lowering the counterparty credit ratings reflects the loss of the Tricare contract, which effectively eliminates unregulated cash flows to the holding company and reduces the company's financial flexibility," S&P analyst Neal Freedman said in a statement.
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