S&P lifts Magellan

Standard & Poor's said it raised the long-term counterparty credit rating on Magellan Health Services Inc. to BBB- from BB+.

The outlook is stable.

The upgrade reflects a recognition of Magellan's growing revenue base, diversifying business profile, consistent operating performance and a capital structure that is very conservative for the rating level, S&P said.

The company has strong liquidity and financial flexibility, the agency said.

Offsetting these positive factors are Magellan's client concentration and an acquisition-oriented growth strategy, S&P said.

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