S&P Global Ratings affirmed all of its ratings, including its BBB+ long-term counterparty credit rating and financial strength rating, on Excellus Health Plan Inc. and revised the outlook to positive from stable.
The positive outlook reflects Excellus Health Plan's material improvement in operating performance and capital adequacy in 2016 and the first half of 2017. The rating agency also noted that the company's performance and resultant capital redundancies exceeded its expectations.
S&P added that the positive outlook reflects the company's improved profitability and capitalization, which could lead to an upgrade if the group continues to demonstrate capital and earnings commensurate with a strong financial risk profile.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.