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West Penn bond rating takes a hit

Pittsburgh Post-Gazette, July 30, 2008

Fitch Ratings has downgraded West Penn Allegheny Health Systems' bond rating and Standard & Poor's cited "negative implications" in light of the announcement that the health system had overestimated revenue by $73 million. Fitch Ratings has downgraded West Penn's $758 million in outstanding series 2007A bonds from BB to BB- and gave the hospital system a negative outlook. Standard & Poor's gave a BB rating to the Allegheny County Hospital Development Authority bonds issued for West Penn Allegheny on Creditwatch "with negative implications pending a meeting with management in September," according to a release.