How will the public exchanges affect carriers' credit levels? Depends on how well they do.

The credit implications of the exchanges—which just opened this week for open enrollment—on health care companies will depend on final enrollment levels, according to a new Moody's report.

"High enrollment, if sustained, would be credit positive for insurers because it would stabilize premiums and promote the future success of the exchange concept," said senior vice president Stephen Zaharuk.

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