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S&P cuts Health Net, notes to BB
Standard & Poor's said it lowered its counterparty credit rating on Health Net Inc. to BB from BB+ and removed it from CreditWatch.
At the same time, S&P lowered its debt rating on the company's $400 million 9 7/8% unsecured senior notes to BB from BB+ and removed it from CreditWatch.
In addition, S&P lowered its counterparty credit and financial strength ratings on Health Net's various operating subsidiaries and removed them from CreditWatch. The outlook on all these companies is stable.
S&P said it took these rating actions because it believes the additional charges Health Net booked in the fourth quarter of 2004 have further impaired its earnings quality, capital adequacy and liquidity at the holding-company level.
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