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TMCNet:  Fitch Puts West Penn Allegheny Health System (PA) Revs on Rating Watch Negative

[September 28, 2012]

Fitch Puts West Penn Allegheny Health System (PA) Revs on Rating Watch Negative

NEW YORK --(Business Wire)--

Fitch Ratings has placed West Penn Allegheny Health System's (WPAHS) 'B+' rating on Rating Watch Negative, in response to the system's announcement today that it has notified Highmark, Inc. that the system is released from its obligations under an affiliation agreement signed by the two companies last November.

The rating action applies to $737 million series of 2007A health system revenue bonds issued by the Allegheny County Hospital Development Authority.

Fitch's last rating commentary noted that the failure of WPAHS to finalize the affiliation agreement with insurer Highmark would lead to downward rating pressure. Fitch is assessing the effect of the announcement and monitoring developments, and will take rating action as appropriate.

Additional information is available at www.fitchratings.com'.The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicble Criteria and Related Research:

--'Revenue-Supported Rating Criteria', June 12, 2012.

--'Nonprofit Hospitals and Health Systems Rating Criteria', Aug. 12, 2011.

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=681015

Nonprofit Hospitals and Health Systems Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=683418

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.


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