Last week's ruling by a U.S. appeals court that the government can't give financial assistance to anyone buying coverage on the federally-run exchanges is a "credit negative" for carriers, Moody's Investor Services said Monday.

The reason, Moody's said, is because the ruling threatens the status of in-force policies sold through the federal exchange and skews future sales to a less healthy population.

And the contradictory ruling by the Fourth Circuit Court of Appeals in Virginia only adds to the uncertainty of the situation.

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