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A.M. Best removes Health Net, units from under review after Centene deal close

A.M. Best said April 6 that it has removed from under reviewwith developing implications and affirmed the B++ financial strength ratings and"bbb" issuer credit ratings of HealthNet of California Inc., HealthNet Life Insurance Co., HealthNet Health Plan of Oregon Inc. and Health Net of Arizona Inc.

A.M. Best has removed from under review with developing implicationsand affirmed the "bb" issuer credit rating of the parent company,

The outlook assigned to each rating is stable.

The rating agency said the affirmations follow the March 24 of Centene Corp.'s acquisitionof Health Net. A.M. Best noted that the combined organization will have a strongpresence in the California Medicaid program and will be one of the largest Medicaidmanaged organizations in the country. The transaction provides growth opportunitiesin government programs including TRICARE, the U.S. Department of Veterans Affairsand in exchange products in multiple states. Additionally, the new company has thepotential for significant cost synergies through integration of a range of specialtyservices and leveraging capabilities in information technology systems and processmanagement, the rating agency said.