NEW YORK (Standard&Poor's) July 22, 2003--Standard&Poor's Ratings Services said today that it removed from CreditWatch its counterparty credit and financial strength ratings on Highmark Inc. and lowered them to 'A' from 'A+' as a result of Highmark's markedly diminished earnings, which have resulted from the company's effort to retain its dominant market share in its Western Pennsylvania operating region. Standard&Poor's also said that the outlook on Highmark, which does business as Highmark BCBS and Highmark Blue Shield, is stable. "Highmark's earnings have also been hurt by higher-than-expected medical cost trends and the direct competition from another Blue branded carrier, Capital Blue Cross, in the Central Pennsylvania region," noted Standard&Poor's credit analyst Steven
