Fitch Affirms & Withdraws BCBS of Florida's Ratings

CHICAGO--()--Fitch Ratings has affirmed and withdrawn Blue Cross and Blue Shield of Florida Inc.'s (BCBSF) 'A' Insurer Financial Strength (IFS) rating and 'A-' Issuer Default Rating (IDR). Fitch has chosen to withdraw the rating for commercial reasons.

KEY RATING DRIVERS

Key rating drivers influencing the affirmations include BCBSF's large market share and strong competitive position in the Florida health insurance market and the company's solid capitalization. These ratings strengths are partially offset by recent and longer-term financial performance that Fitch views as comparatively weak for the rating category.

Fitch has affirmed the following ratings with a Stable Rating Outlook and concurrently withdrawn the ratings:

Blue Cross and Blue Shield of Florida, Inc.

--IFS at 'A';

--IDR at 'A-'.

Additional information is available at 'www.fitchratings.com'

The issuer did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology', September 2014;

--'Health Insurance and Managed Care (U.S.) Sector Credit Factors, August 2014.

Applicable Criteria and Related Research:

Health Insurance and Managed Care (U.S.) (Sector Credit Factors)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=766788

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=756650

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=888635

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Contacts

Fitch Ratings
Primary Analyst
Mark Rouck
Senior Director
+1-312-368-2085
Fitch Ratings, Inc.
70 W. Madison Street
Chicago IL 60602
or
Secondary Analyst
Doug Pawlowski
Senior Director
+1-312-368-2054
or
Committee Chairperson
Brian Schneider
Senior Director
+1-312 606-32321
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Mark Rouck
Senior Director
+1-312-368-2085
Fitch Ratings, Inc.
70 W. Madison Street
Chicago IL 60602
or
Secondary Analyst
Doug Pawlowski
Senior Director
+1-312-368-2054
or
Committee Chairperson
Brian Schneider
Senior Director
+1-312 606-32321
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com