S&P cuts, withdraws MedAmerica

Standard & Poor's said it lowered its ratings on Excellus Health Plan Inc.'s wholly owned long-term care subsidiaries, MedAmerica Insurance Co., MedAmerica Insurance Co. of New York, and MedAmerica Insurance Co. of Florida to BBB from BBB+.

The outlook is stable.

The agency is also withdrawing the ratings on MedAmerica at the company's request.

"Following a misapplication of the guarantee criteria in our Group Rating Methodology, the BBB rating on MedAmerica reflects our stand-alone assessment of MedAmerica and its strategically important status to Excellus," S&P credit analyst Julie Herman said in a news release.

The stand-alone assessment of MedAmerica reflects its satisfactory business risk profile and weak financial risk profile. The strategically important designation reflects the capital support agreement between Excellus and MedAmerica.

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