Moody's cuts Medical Card

Moody's Investors Service said it downgraded Medical Card System, Inc.'s senior secured debt rating to Caa3 from Caa1.

The downgrade follows a review of the company's 2011 statutory financial statements and is because of concern about the company's delay in filing audited 2011 GAAP financial statements, the agency said.

Medical Card's corporate family rating was also downgraded to Caa3 from Caa1 and the insurance financial strength rating of the company's operating subsidiary, MCS Advantage, Inc., was lowered to B3 from B1.

All ratings remain under review for further downgrade.

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