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Article: A.M. Best Downgrades Health Net's Debt and Issuer Credit Ratings, Affirms Financial Strength Ratings and Revises All Outlooks to Negative.
- Article from:
- Business Wire
- Article date:
- February 8, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OLDWICK, N.J. -- A.M. Best Co. has downgraded the debt rating to "bb" from "bb+" of Health Net, Inc.'s (Health Net) (NYSE: HNT) (Woodland Hills, CA) $400 million 8.375% unsecured senior notes. A.M. Best has also downgraded the issuer credit rating to "bb" from "bb+" of Health Net. Concurrently, A.M. Best has affirmed the financial strength ratings of B++ (Very Good) and B+ (Very Good) of Health Net's subsidiaries. The rating outlook has been revised to negative from stable for all financial strength, issuer credit and debt ratings.
These rating actions follow larger than previously anticipated fourth-quarter charges, thus negatively impacting Health Net's ...