We expect weaker earnings from Highmark Inc. than we previously anticipated. We are lowering our ratings on the company to 'A-' from 'A'. The stable outlook reflects our expectation that Highmark will maintain its adequate competitive position. On March 4, 2014, Standard&Poor's Ratings Services lowered its long-term financial strength and counterparty credit ratings on Highmark Inc. to 'A-' from 'A'. The outlook is stable. "The downgrade reflects our expectation for weaker future earnings than we had previously anticipated," said Standard&Poor's credit analyst Jon Reichert. Whereas our previous expectation was that the company would generate annual returns on revenue (ROR) of around 3%, we now expect longer-term RORs of only around 2%, with 2014 and 2015 RORs
