S&P rates Highmark notes A-

S&P said it assigned its A- debt rating to Highmark Inc.'s fixed-rate senior unsecured notes issued in a $400 million five-year tranche and a $400 million 10-year tranche.

“The debt rating is one notch lower than our A issuer credit rating on Highmark to reflect the subordinated ranking of the senior notes relative to policyholder obligations,” S&P said in a press release.

The company plans to use the proceeds to repay $350 million of its 4.75% senior notes that mature in May, and for other general corporate purposes.

Highmark’s A issuer rating is unaffected by the offering, S&P said.

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