S&P assigns WellCare loan B+

Standard & Poor's said it assigned its B+ counterparty credit rating to WellCare Health Plans Inc. At the same time, S&P assigned its B+ senior secured debt rating to WellCare's secured bank facility, which consists of a $160 million term loan due May 2009 and $50 million revolver due May 2008.

The outlook is stable.

S&P said it expects WellCare to achieve strong one-year organic growth.

If WellCare were to achieve S&P expectations in 2005, pretax income would likely be between $100 million and $110 million, with debt to EBITDA 1.0 to 2.0 times.

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