Major 3d Quarter Losses Drive S&P To Downgrade West Penn Health

D'Ambrosio, Gillian
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p5
Trade Publication
Standard & Poor's Corp. on June 25, 2003 lowered its underlying rating to B from B-plus on outstanding debt issued on behalf of Pittsburgh, Pennsylvania-based West Penn Allegheny Health System through the Allegheny County Hospital Development Authority. The downgrade also affected outstanding debt issued for Forbes Health System and Allegheny General Hospital, which are both now part of the West Penn system. According to West Penn senior vice president and chief financial officer David Samuel, the downgrade affected its Series 2000 bonds, a $465 million issue that funded the creation of West Penn out of the remnants of the bankrupt Allegheny Health, Education and Research Foundation and the Western Pennsylvania Health Care System.


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