S&P lowers Excellus view to negative

S&P said it revised the outlook on Excellus Health Plan Inc. to negative from stable and affirmed its BBB+ long-term issuer credit and financial strength ratings.

The outlook revision reflects a weakened capital position primarily due to a material reserve strengthening at long-term care subsidiary, MedAmerica, S&P said.

The agency said it expects Excellus to restore its capital position gradually toward its risk-based capital targets, driven primarily by continued solid earnings, the agency said.

However, there is sizable risk in capital improvement expectations given the company's continued long-term care exposure, S&P said.

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