Moody's upgrades Amerigroup

Moody's Investors Service said it upgraded Amerigroup Corp.'s senior debt rating to Ba2 from Ba3.

The agency also upgraded the insurance financial strength ratings of the company's operating subsidiaries to Baa2 from Baa3.

The outlook is stable.

Moody's said the action follows the release of the company's first quarter earnings results and the recent payoff of its $260 million convertible notes.

The upgrade reflects Amerigroup's continued solid financial results through the first quarter of 2012, combined with strong membership growth as a result of several recent Medicaid managed care awards in new markets as well as expansion in existing markets, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.