S&P cuts Noridian Mutual

Standard & Poor's said it lowered the counterparty credit rating on Noridian Mutual Insurance Co., which does business as Blue Cross Blue Shield of North Dakota, to A- from A.

The outlook is negative.

S&P said the action follows the North Dakota insurance commissioner's denial of any rate increase for Noridian for 2009. Noridian's inability to increase premiums at the same pace that medical costs are rising will diminish its competitive position, operating performance and capital adequacy.

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