Notice Type
General Section
Notice Title

Change of Rating- Southern Cross Medical Care Society (Southern Cross)

Standard & Poor's on 21 February 2002, lowered its
insurer financial strength and counterparty credit ratings
on Southern Cross Medical Care Society (Southern Cross) to A+ from AA- .
The outlook is revised to "stable" from "negative".
The rating action also is extended to the travel subsidiary, Southern Cross Benefits Limited.
An A+ rating is at the "top end" of the New Zealand health insurance industry.
Southern Cross holds a market leadership position in
New Zealand's health care financing market, supported
by an excellent brand, sound financial structure, and an extensive distribution network throughout the country.
The stable outlook reflects the expectation that operating performance will stabilise in 2003 as the organisation's premium rate increases take effect and its business transformation begins to make an impact.
TERRY D. MOORE, Chief Financial Officer.
Note: This notice appears as a matter of public record.