S&P: WellCare still on watch

Standard & Poor's said the B counterparty credit rating on WellCare Health Plans Inc. remains on CreditWatch, where it was placed on Oct. 25, 2007, with negative implications.

The agency said the watch followed an investigation by the Federal Bureau of Investigation, Department of Health and Human Services, and the Florida attorney general, which is still ongoing.

S&P said the continuing watch reflects the potential impact of sustained business and financial profile challenges, which could further pressure the company's credit profile.

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