Moody's ups WellCare Health Plans

Moody's Investors Service said it upgraded the senior secured debt rating of WellCare Health Plans, Inc. to Ba3 from B2. Moody's also said the insurance financial strength rating of subsidiary WellCare of Florida, Inc. was upgraded to Ba1 from Ba3. The outlook for both ratings is stable.

Concluding the review initiated in August, Moody's said WellCare's upgrade is based on the company's solid earnings results and membership growth, its business diversification and its improved balance sheet and capital position.

Offsetting these strengths are WellCare's reliance on its Medicaid contracts with the states and Medicare contracts with the Centers for Medicare & Medicaid Services, Moody's said.

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