Horizon Blue Cross Blue Shield of New Jersey (BCBSNJ) has maintained its credit rating of “A” from Standard & Poor’s. In its review of Horizon BCBSNJ’s financials last week, the Wall Street ratings agency cited the company’s “extremely strong capital adequacy” and “leading market position” in determining the rating and “stable” outlook.
“Providing our members with peace of mind is one of our top priorities, so we are pleased to have earned an ‘A’ rating from Standard & Poor’s based upon our strong financial condition, our prudent business practices, and our market leading position serving more than 3.8 million members,” said Robert A. Marino, chairman and CEO, Horizon BCBSNJ.
Standard & Poor’s noted that Horizon BCBSNJ “has the No. 1 market share on New Jersey’s federally facilitated exchange” and “is likely to benefit from its leading presence on the exchange.” Horizon BCBSNJ’s individual market membership climbed to more than 198,000 members, the state’s largest market share. The ratings agency also cited the strength of Horizon BCBSNJ’s networks, noting that the company “benefits from its well-established provider network and focused multichannel distribution strategy.”
Standard & Poor’s also noted that Horizon BCBSNJ’s management team “has considerable experience in the current lines of business and exercises prudent control of operations by maintaining financial strength, efficient administrative expense controls, expanding and optimizing support its entire product line.”
Standard & Poor’s Ratings Services is the world’s leading provider of independent credit risk research and benchmarks. The agency publishes more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities.Related Articles: