Following a review of Highmark Health under our revised insurance criteria, we are affirming our 'A' financial strength and counterparty credit ratings. The ratings reflect Highmark Health's strong business risk profile and very strong financial risk profile. The negative outlook reflects our expectation that Highmark Health's operating earnings will decline further in 2013, and our concern that the company will not be able to restore earnings to a level supportive of the ratings within the next two years. On July 1, 2013, Standard&Poor's Ratings Services affirmed its 'A' long-term financial strength and counterparty credit ratings on Highmark Health Services d/b/a Highmark BCBS&Highmark Blue Shield. The outlook is negative. The ratings on Highmark Health reflect our view
