S&P drops HealthMarkets outlook to negative

Standard & Poor's said it revised its outlook on HealthMarkets Inc. to negative from stable.

At the same time, the agency said it revised its outlook on HealthMarkets' operating companies, Chesapeake Life Insurance Co., MEGA Life & Health Insurance Co. and Mid-West National Life Insurance Co. of TN, to negative from stable.

Affected ratings include HealthMarkets's counterparty credit rating local currency at BB+.

The outlook revision reflects reduced fixed-charge coverage and financial flexibility compared with S&P's expectations for 2007 and for the next few years.

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