S&P upgrades Sierra Health

Standard & Poor's said it raised Sierra Health Services Inc.'s counterparty credit rating to BB+ from BB and removed it from CreditWatch with positive implications, where it was placed on Feb. 7. The outlook is positive.

The agency said it raised the ratings primarily because of Sierra's sustained earnings and cash-flow strength and improved balance-sheet profile.

The rating reflects Sierra's well-established core market position in Nevada, strong profitability and cash-flow characteristics and enhanced holding-company liquidity. S&P said offsetting factors include Sierra's concentrated geographic business profile, narrow product scope relative to its larger peers and relatively large share-repurchase program.

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