S&P: Per-Se Technologies developing

Standard & Poor's said that it has affirmed Per-Se Technologies Inc.'s B+ corporate credit rating and revised the company's outlook to developing from positive following the announcement that Per-Se has filed for a 15-day extension to file its 2003 10-K. The company expects to file its 10-K by March 30, 2004, the extension deadline.

S&P said the filing extension is needed because the company's external auditors have advised Per-Se and its audit committee that additional audit procedures will be necessary in connection with allegations made in early November 2003 of improper accounting and business activities. The allegations were made in an anonymous letter circulated among several financial research analysts in the investment community.

Per-Se's audit committee of the board of directors completed an internal review two weeks later and concluded the allegations were baseless. The developing outlook reflects a broadening of the scope of the internal review and the uncertainties regarding its outcome.

S&P said the ratings on Per-Se Technologies reflect the company's small share of an evolving and highly fragmented health care services and technology market, offset only partially by substantial recurring revenues and improved operating efficiency.

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