Southern Cross Maintains A+ Credit Rating

Media Release
5 March 2007

SOUTHERN CROSS MAINTAINS A+ CREDIT RATING
– Standard & Poor’s cites strong market position, capitalisation and management –

Credit rating agency Standard & Poor’s has reaffirmed Southern Cross Medical Care Society’s rating of (A+/stable/--), saying the rating reflects its leading market position, robust capitalisation and strong management.

An insurer rated ‘A+’ has strong financial security characteristics, reflecting its ability to meet financial commitments.

Southern Cross Medical Care Society Group Chief Executive Officer, Dr Ian McPherson, said today that achieving an A+ rating for the fifth consecutive year confirmed the financial strength of the society.

“We are very pleased to have a continued vote of confidence in the management team, our financial position and our leadership as a not-for-profit focused on delivering value to our members through our policies and premiums.”

The ratings agency said it viewed Southern Cross’ management as strong, evidenced by a track record of controlled financial results and strategic change to maintain relevance and value in the market.

“In the highly competitive private health insurance market the organisation is able to maintain its leading market position through affordable product pricing, relevant and flexible product offerings and member reward scheme to retain members,” Standard & Poor’s said.

ENDS

© Scoop Media