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OLDWICK, N.J. - A.M. Best Co. on Friday downgraded ratings for health insurer Health Net Inc. on lower capitalization and declining earnings.
| HNT | 13.4 |  0.02 |
The agency said increasing medical costs and litigation charges have reduced the company's financial flexibility. The downgrades also reflect the company's increasing debt-to-capital ratio, the agency said in a statement.
A.M. Best downgraded Health Net's financial strength ratings to 'B+' from 'B++.' Both ratings denote "good" financial strength. Health Net's issuer credit ratings were lowered to "bbb-" from "bbb+."
Shares of Health Net Inc. fell 44 cents, or 4.5 percent, to $9.42 in midday trading.
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