S&P Keeps Positive Rtgs Outook on Cerulean AfterBids.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 28, 2000

Standard & Poor's-- Standard & Poor's retains its positive outlook on the ratings of Cerulean Companies Inc.'s (Cerulean) operating subsidiaries in the wake of competing acquisition bids.

Standard &

On Nov. 26, 2000, Trigon Healthcare Inc. (Trigon) confirmed that it had made an all-cash bid of $675 million for Cerulean, which substantially exceeded the previously accepted $500 million cash and common stock bid by WellPoint Health Networks Inc. (WellPoint). WellPoint responded with an all-cash proposal increasing the merger consideration to $680 million.

Standard & Poor's notes that Cerulean continues to exhibit improving operating fundamentals and is expected to derive added benefit from a buy-out by either company. Trigon and WellPoint have established strong positions in their respective core markets and both are well positioned to enhance Cerulean's operating scale, financial flexibility, and strategic development.

Blue Cross and Blue Shield of Georgia, Blue Cross Blue Shield Health Care Plan of Georgia Inc., and Greater Georgia Life Insurance Co. are Security Circle insurers, which means that they voluntarily underwent Standard & Poor's most comprehensive analysis and were assigned ratings in one of the top four categories for financial security.---CreditWire