Fitch affirms Health Insurance Plan

Fitch Ratings said it affirmed Health Insurance Plan of Greater New York's (HIP-NY) issuer default rating at BB+.

The outlook is stable.

Following a series of mergers and acquisitions in recent years, Fitch said it views the issuer in context of the larger group now owned by EmblemHealth, Inc.

According to Fitch, the ratings consider the organization's leading market share in New York and the company's business profile, which contains heavy concentration risk.

The agency said despite challenging Medicaid conditions during 2007, EmblemHealth's overall operations are expected to remain profitable through for the full year and in 2008, with underwriting margins in the 1% to 2% range or better.

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