S&P: WellCare still on watch

Standard & Poor's said its BB- counterparty credit rating on WellCare Health Plans Inc. remains on CreditWatch with negative implications.

On Oct. 25, the company said it placed the rating on Watch negative in connection with an investigation initiated by the U.S. Federal Bureau of Investigation, the U.S. Department of Health and Human Service Office of Inspector General, and the Florida attorney general's Medicaid Fraud Control unit.

The company has since been named in various class action complaints, a whistleblower lawsuit and is dealing with various requests for information from the Securities and Exchange Commission and Florida state regulatory authorities, S&P noted.

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