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S&P revises Medical Card watch to developing
Standard & Poor's said it revised the CreditWatch implications for the CCC long-term counterparty credit rating on Medical Card System Inc. to developing from negative.
The agency also said it took the same action on the B long-term financial strength and counterparty credit ratings on the company's operating companies, MCS Advantage Inc., MCS Life Insurance Co. and MCS Health Management Options Inc.
The watch revision reflects the potential for Medical Card to improve its financial profile through positive operating results in the last three quarters of 2012 and for the full year 2012, compared with losses in 2011 and first-quarter 2012, S&P said.
The agency said it expects the improvement to be driven by corrective actions taken by the company's new senior management team, which joined the company in December 2011, S&P said.
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