S&P Revises American Health Care Providers Rtg to 'R'.
NEW YORK--(BUSINESS WIRE)--Standard & Poor's
Feb. 28, 2000-- Standard & Poor's today revised its financial strength rating on American Health American Health Inc. is a company that manufactures health supplements. It is located in Holbrook, New York. One of its products is labeled the "Chewable Original Papaya Enzyme" with the attached registered trademark, "The 'After Meal Supplement'". Care Providers Inc. (AHCP AHCP Alliance of Community Health Plans
AHCP Association of Health Care Professionals (London, UK)
AHCP Army Hazard Classification Program
AHCP America's Help and Care Program ) to 'R' from single-'Bpi'.
This follows the announcement by Illinois Insurance Director Nathaniel S. Shapo that he has petitioned the Circuit Court of Cook County for the liquidation of this Illinois-domiciled HMO HMO health maintenance organization.
A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, . Shapo's petition was filed Feb. 15, 2000, but was sequestered se·ques·ter
v. se·ques·tered, se·ques·ter·ing, se·ques·ters
1. To cause to withdraw into seclusion.
2. To remove or set apart; segregate. See Synonyms at isolate.
3. by court order until Feb. 25.
AHCP primarily provides coverage in northern and central Illinois to commercial groups, state and federal employees, Illinois Department of Public Aid enrollees, and federal Medicare HMO enrollees. The HMO also wrote some business in Indiana and Arkansas. It was originally incorporated and licensed in 1984 as American HMO.
The company is a subsidiary of First American Group of Companies Inc., an Illinois holding company located in Richton Park, Ill.
On Oct. 10, 1999, in assigning the prior single-'Bpi' rating for AHCP, Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index
Standard and Poor's Index reported that the HMO had weak risk-based capitalization, a declining earnings profile, declining enrollment, and a poor liquidity position.
An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency Pend´en`cy
n. 1. The quality or state of being pendent or suspended.
2. The quality or state of being undecided, or in continuance; suspense; as, the pendency of a suit s>. of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations.