Pittsburgh-based health insurer Highmark's earnings have declined over the past 12 months and are unlikely to improve meaningfully over the intermediate term (12-24 months) because of market-specific challenges (such as the slightly unfavorable regulatory environment) and broader macroeconomic conditions. As a result, we are revising our outlook on Highmark to negative from stable. We are affirming our 'A' counterparty credit and financial strength ratings on the company. On Dec. 2, 2009, Standard&Poor's Ratings Services revised its outlook on Highmark Inc. (which does business as Highmark BCBS&Highmark Blue Shield) to negative from stable. At the same time, we affirmed our 'A' counterparty credit and financial strength ratings on the company. Our outlook revision is based on Highmark's
