On July 26, 2004, Standard&Poor's Ratings Services affirmed its 'A' counterparty credit and financial strength ratings on Highmark Inc. (d/b/a Highmark BCBS&Highmark Blue Shield; Highmark) At the same time, Standard&Poor's affirmed its 'A' senior unsecured debt rating on Highmark's $375 million senior unsecured notes, which are due in 2013. The outlook is stable. The Pennsylvania Insurance Department (PID) has required that each of the state's Blue Cross and Blue Shield plans submit an application setting forth the plan's selection of a suggested risk-based capital (RBC) level between 350%-650% that the plan considers appropriate to maintain along with a business plan for distributing surplus in excess of ratio that the PID intends to set for
