Noridian's financial risk profile assessment has improved in connection with sustained earnings improvement, which has meaningfully bolstered its balance-sheet strength. We are raising our ratings on Noridian. The stable outlook reflects our expectation for sustained balance-sheet strength with earnings moderation. On March 9, 2018, S&P Global Ratings raised its long-term financial strength and issuer credit ratings on Noridian Mutual Insurance Co. (d/b/a Blue Cross Blue Shield of North Dakota; Noridian) to 'A-' from 'BBB+'. The outlook is stable. The upgrade reflects Noridian's significantly strengthened capitalization, driven mainly by above-trend profitability, resulting in a material increase in total adjusted capital compared with the previous two-year period. Statutory capital grew to about $540 million for year-end 2017 from about $400 million and
