S&P could lower WellCare

Standard & Poor's said it placed the BB- counterparty credit rating on WellCare Health Plans Inc. CreditWatch with negative implications.

S&P said it took the action after a recent investigation by the Federal Bureau of Investigation, Department of Health and Human Services Office of Inspector General and the Florida attorney general's Medicaid Fraud Control unit.

The rating action reflects the potential loss of Medicare payments and the agency's uncertainty about the scope of the investigation and the potential severity of any related actions, which could materially impair the company's prospective business and financial profile, S&P said.

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