On Aug 12, 2003, Standard&Poor's Rating Services assigned its 'A' senior unsecured debt rating to Highmark Inc.'s $350 million senior unsecured notes, which are due in 2013. Highmark, which does business as Highmark BCBS and Highmark Blue Shield, intends to use the net proceeds of this offering to repay borrowing and for general corporate purposes. The rating is based on Highmark's extremely strong capital position, market leadership in Western Pennsylvania, and very strong liquidity, somewhat offset by its good-but-reduced earnings and diminished business position in Central Pennsylvania. Highmark's capital adequacy is expected to remain extremely strong. Pretax earnings are expected to improve to $51.9 million in 2003, $200 million in 2004, and $270 million in 2005, a good
