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Moody's rates Blue Cross notes A3
Moody's Investors Service said it assigned an A3 senior debt rating to Blue Cross and Blue Shield of Minnesota's $250 million issuance of new long-term debt. The outlook on the rating is stable.
Proceeds will be used for general corporate purposes including funding of its operating systems upgrade.
The agency said the issuer’s ratings are based on the company's strong capital position reinforced by a solid business profile driven by its leading position in Minnesota, the strength of the Blue Cross and Blue Shield brand under which it markets health-care products, its diversified product mix and a high percentage of non-risk membership, which protects the company from unexpected medical cost increases.
Offsetting these positive considerations is the limited geographic area in which the company operates and lack of sizable non-health and non-regulated businesses, Moody's said.
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