Highmark has meaningfully improved its operating performance and continues to execute successfully on its growth, affordability, and profitability initiatives. We are upgrading Highmark Inc., a core operating subsidiary of Highmark Health, to 'A' from 'A-'. The stable outlook reflects our expectation that the company will maintain its operating performance and market positions. On March 9, 2018, S&P Global Ratings raised its long-term financial strength and issuer credit ratings on Highmark Inc.to 'A' from 'A-'. The outlook is stable. Highmark Inc. and its Blue-branded affiliates are the health insurance plans of Highmark Health (Highmark), a not-for-profit managed-care company (nonoperating holding company) based in Pittsburgh, PA. As part of our group rating methodology, we view Highmark Inc. as a core subsidiary of
