NEW YORK (Standard&Poor's) Aug. 12, 2003--Standard&Poor's Rating Services said today that it assigned its 'A' senior unsecured debt rating to Highmark Inc.'s $350 million senior unsecured notes, which are due in 2013, based on Highmark's extremely strong capital position, market leadership in Western Pennsylvania, and very strong liquidity, somewhat offset by its good-but-reduced earnings and diminished business position in Central Pennsylvania. Highmark, which does business as Highmark BCBS and Highmark Blue Shield, intends to use the net proceeds of this offering to repay borrowing and for general corporate purposes. "Highmark's capital adequacy is expected to remain extremely strong," noted Standard&Poor's credit analyst Steven Ader. Pretax earnings are expected to improve to $51.9 million in
