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S&P affirms Universal American
Standard & Poor's said it affirmed the BB+ counterparty credit rating on Universal American Corp., and placed the BBB+ counterparty credit and financial strength ratings on its core insurance operating subsidiaries on CreditWatch with negative implications.
The outlook remains stable.
The affirmation reflects the anticipated paydown of the company's outstanding debt upon the close of the transaction with CVS Caremark, which is expected to occur by the end of second-quarter 2011, S&P said.
The ratings were placed on CreditWatch negative to reflect a view that the group will have a more concentrated competitive position upon the sale of its Part D business, the agency said.
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