WASHINGTON – Congresswoman Renee Ellmers (R-NC-02) released the following statement this afternoon following reports that Moody's will downgrade the outlook for the U.S. health care insurance sector to negative:

"This morning, Moody's verified something we have warned about for years: that America's health care system is facing imminent danger due to Obamacare. Each and every day since the law has been implemented, a domino effect of canceled plans, layoffs, soaring premiums, and lost coverage has translated into a nightmare for the American people. How much more proof is needed before President Obama acknowledges the failure of his signature law and takes the necessary actions to protect the economy from further damage? Hard working Americans should not be left to suffer under this law's continuous assault on our economy. We must repeal and replace Obamacare immediately."

This morning, The Washington Times reported that Moody's Investor Service has changed its outlook from stable to negative for the U.S. health care insurance sector, specifically citing Obamacare for the damage it will inflict:

The private credit rating agency said potential fallout from the Affordable Care Act’s implementation — including changes to the individual market and the impact of the law’s “employer mandate” on commercial group plans in January 2015 — presents the greatest challenge to health insurers’ credit profile. Lower reimbursement rates among Medicare Advantage plans also are creating financial pressure, it said.

“While all of these issues had been on our radar screen as we approached 2014, a new development and a key factor for the change in outlook is the unstable and evolving regulatory environment under which the sector is operating,” Moody's said. “Notably, new regulations and presidential announcements over the last several months with respect to the ACA have imposed operational changes well after product and pricing decisions had been finalized.”