Blue Cross and Blue Shield of Florida Credit and Financial Strength 'A+' Rating Affirmed by Standard & Poor's Rating Services

Tuesday, December 23, 2008 General News J E 4
JACKSONVILLE, Fla., Dec. 22 In December 2008, Standard &Poor's Ratings Services affirmed its 'A+' counterparty credit and financialstrength ratings on Blue Cross and Blue Shield of Florida, Inc. (BCBSF). Theoutlook for BCBSF is stable. At the same time, Standard & Poor's affirmed its'A-' rating on BCBSF's $150 million in surplus notes due in 2011.

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As cited in Standard & Poor's report, the A+ insurance financial strengthrating "reflects BCBSF's strong market position, strong earnings profile andcapitalization, and strong liquidity ... The stable outlook reflects theexpectation that BCBSF will effectively manage its growth strategy and returnobjectives to bolster its competitive position and produce strong operatingincome." (1)

"The affirmation of BCBSF's strong rating from Standard and Poor'sreflects our market position as the largest writer of health insurance inFlorida," said Sondra Tucker, senior director of Finance. "We have achievedthis market leadership through our service capabilities, comprehensivedistribution channels and strong provider relationships."

Blue Cross and Blue Shield of Florida is a leader in Florida's healthindustry. BCBSF and its subsidiaries serve more than 8.8 million people. Since1944, the company has been dedicated to meeting the diverse needs of all thoseit serves by offering an array of choices. BCBSF is a not-for-profit,policyholder-owned, tax-paying mutual company. Headquartered in Jacksonville,Fla., BCBSF is an independent licensee of the Blue Cross and Blue ShieldAssociation, an association of independent Blue Cross and Blue Shieldcompanies. For more information concerning BCBSF, please see its Web site

(1) Standard & Poor's RatingsDirect, Blue Cross and Blue Shield ofFlorida, Inc., December 16, 2008

SOURCE Blue Cross and Blue Shield of Florida


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