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FOR IMMEDIATE RELEASE
OLDWICK - MAY 20, 2020 09:55 AM (EDT)
AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Ratings of “bb” of Oregon Dental Service and Moda Health Plan, Inc. (Moda Health). Both companies are domiciled in Portland, OR.
The under review with positive implications status reflects the U.S. Supreme Court’s ruling with regard to the Affordable Care Act (ACA) Risk Corridors program. In April 2020, the U.S. Supreme Court ruled that the federal government is required to pay health insurers for the amounts owed under the ACA’s Risk Corridors program. Moda Health had been party to a lawsuit suing the federal government for damages. The ratings will remain under review with positive implications pending receipt of the risk corridors payment from the government.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.