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Moody's downgrades West Penn Allegheny bond rating

Pittsburgh Post-Gazette, June 3, 2010

Moody's Investor Service has downgraded the bond rating for the West Penn Allegheny Health System to B1 from Ba3, citing "significant" volume declines, lagging operating performance, risk posed by its downsizing strategy, and a pension obligation "that requires a sizable payment in September 2010." The downgrade affects $758 million of Series 2007 fixed-rate bonds. Moody's says the outlook remains negative.