The revised lowered Obamacare enrollment projection for 2015 is ultimately going to hurt carriers.

That's the word from Moody's Investor Services, who said in a report Thursday that that projected number of enrollees on the exchanges for 2015 to 9.1 million from 13 million is a "credit negative" for carriers that had invested in participating on the exchanges with the anticipation of sizable membership growth.

"This lower projection, along with the increase in the number of insurance companies competing on the exchanges, reduces the possibility of any insurance company substantially increasing its market share," Moody's said.

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