NEW YORK (Standard&Poor's) Oct. 15, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Noridian Mutual Insurance Co., which does business as Blue Cross Blue Shield of North Dakota, to 'A-' from 'A'. Standard&Poor's also said that the outlook on Noridian is negative. This rating action follows the North Dakota insurance commissioner's denial of any rate increase for Noridian for 2009. "Noridian's inability to increase premiums at the same pace that medical costs are rising will diminish its competitive position, operating performance, and capital adequacy," noted Standard&Poor's credit analyst Hema Singh. Without the needed rate increase, the plan could suffer as much as a $35
