Moody's may raise WellCare

Moody's Investors Service said it placed the B2 senior secured debt rating of WellCare Health Plans, Inc. as well as the Ba3 insurance financial strength rating of its Florida subsidiary, WellCare of Florida, Inc., under review for possible upgrade.

Moody's stated that the review will focus on the company's improving capital position following its $125 million initial public offering in 2004, the expansion of its Medicaid and Medicare businesses outside of Florida, its progress in integrating a recent acquisition (i.e., Harmony) and its emerging earnings and membership results for the current year in each of its markets.

The review will also focus on the company's capital adequacy, financial leverage, and interest coverage. In addition, the company is currently awaiting the outcome of its Medicare prescription drug bid.

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