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twitterStandard & Poor’s downgrades big Nevada insurer
Thursday, Nov. 16, 2000 | 11:05 a.m.
Standard & Poor's has lowered the financial strength rating of Health Plan of Nevada, the state's largest health maintenance organization.
HPN, a wholly owned subsidiary of Las Vegas-based Sierra Health Services Inc., operates in Nevada and Arizona.
Standard & Poor's lowered its rating from BBpi to Bpi Wednesday. A "pi" designation is an insurer financial strength rating.
The rating company said the rating reflects the HMO's weak risk-based capitalization and marginal earnings. But it also said those factors were offset by the company's favorable liquidity.
And this morning, Salomon Smith Barney downgraded Sierra Health Resources' stock from a "buy" to a "neutral" rating.
A spokesman for Sierra Health could not be reached for comment.
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