The earnings of Pittsburgh, Pa.-based heath insurer Highmark Inc. (which does business as Highmark BlueCross BlueShield and Highmark Blue Shield) through the first nine months of 2010 have been significantly stronger than our expectations because of lower utilization in the health business. Reflecting this performance, we have revised our outlook on Highmark to stable from negative. We have also affirmed our 'A' counterparty credit rating on the company. On Dec. 13, 2010, Standard&Poor's Ratings Services revised its outlook on Highmark Inc. to stable from negative. At the same time, Standard&Poor's affirmed its 'A' financial strength rating on the company. The outlook revision is based on our view that Highmark's credit profile is better protected from its
