Fargo, ND-based Noridian reported third-quarter 2013 operating earnings that were lower than we expected. We are placing our ratings on Noridian on CreditWatch with negative implications. We expect to revise the CreditWatch within the next 60 to 90 days after we review expected operating earnings and expected risk-adjusted capitalization for year-end 2013 and 2014. On Dec. 24, 2013, Standard&Poor's Ratings Services placed its 'A-' long-term counterparty credit and financial strength ratings on Noridian Mutual Insurance Co. (which does business as Blue Cross Blue Shield of North Dakota) on CreditWatch with negative implications. The CreditWatch placement was primarily driven by operating earnings as of Sept. 30, 2013, which were lower than we expected. The lower earnings were related to
