|[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
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
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,
Applicable Criteria and Related Research:
Revenue-Supported Rating Criteria
Nonprofit Hospitals and Health Systems Rating Criteria
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