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Allegheny County Hospital Development Authority, Pennsylvania West Penn Allegheny Health System; System
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has lowered its long-term rating to 'B+' from 'BB-' on $748 million series 2007A fixed-rate bonds issued by the Allegheny County Hospital Development Authority, Pa. for West Penn Allegheny Health System (West Penn). The outlook on the 'B+' rating is negative. The lower rating and negative outlook reflect our assessment of West Penn's failure to meet financial expectations outlined in our 2010 report and the organization's diminished financial flexibility in an unsettled operating environment. West Penn has significantly downsized one of its two downtown tertiary hospitals -- West Penn Hospital (WPH) -- and acknowledged that Allegheny General Hospital (AGH) will be the system's sole remaining tertiary provider. Earlier this year, West Penn completed a project...
Companies mentioned in this report are: West Penn Allegheny Hlth Sys,Allegheny Cnty Hosp Dev Auth
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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