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Standard & Poor downgrades WPAHS bond rating
December 4, 2012 8:39 am
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Standard & Poor's Rating today announced that it has lowered its rating on West Penn Allegheny Health System bonds from B- to CC with a negative outlook.
The downgrade, which affects $726 million in series 2007A bonds, comes as a result of Highmark, Inc. "desire to have WPAHS declare bankruptcy or otherwise restructure its debt and pension obligations prior to any affiliation" as well as the health system's continuing weak financial performance, steady declines in patient volumes, and recent notification from the Securities and Exchange Commission that it may face civil penalties, S&P said in a release.
Steve Twedt: stwedt@post-gazette.com
First Published December 4, 2012 8:38 am
First Published December 4, 2012 8:38 am
