S&P: WellCare unchanged

Standard & Poor's said that WellCare Health Plans Inc.'s (B/Watch negative) announcement that it was restating its consolidated financial results for 2004 and 2006 as well as the first two quarters of 2007 will not affect the ratings.

The ratings, which we lowered on June 19, 2008, remain on CreditWatch, where they were placed on Oct. 25, 2007, with negative implications, the agency added.

WellCare announced on July 21 that the restatements related to accounting errors resulting in the recording of inadequate liabilities for anticipated premium refunds under certain provisions of government-sponsored health insurance programs in its core Florida and Illinois markets, S&P noted.

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