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Ailing HMO is now part of PacifiCare of Texas
NORTH DALLAS -- Harris Methodist Health Plan, now part of PacifiCare of Texas, recently received a near failing rating by a nationally known independent financial rating company.
For-profit Harris, which reported 305,819 members in 1999, was downgraded from an already ailing D-minus to an E-plus based on its third-quarter financials, risk-adjusted capital, five-year historical profitability and stability. The rating came from Palm Beach Gardens, Fla.-based Weiss Ratings, which rates more than 16,000 financial institutions, including HMOs and life and health insurers.
"They were a victim of further capital …