...May 5, 2021 NEW YORK (S&P Global Ratings) May 5, 2021--S&P Global Ratings today assigned its 'A-' debt rating to Highmark Inc.'s fixed-rate senior unsecured notes issued in two tranches: a $400 million five-year tranche and a $400 million 10-year tranche. The debt issuance does not affect our 'A' issuer credit rating on Highmark. The company plans to use the debt proceeds to repay $350 million of its 4.75% senior notes that mature in May 2021, as well as for other general corporate purposes. The debt rating is one notch lower than our 'A' issuer credit rating on Highmark to reflect the subordinated ranking of the senior notes relative to policyholder obligations. Highmark Inc. is the lead insurance subsidiary of Highmark Health (unrated), which also owns Allegheny Health Network (AHN), a hospital system in western Pennsylvania. Including the debt issuance, Highmark Health's financial leverage will increase to 20%-25% in 2021 from 19% at year-end 2020. We also expect EBITDA interest coverage...
