PITTSBURGH, Nov. 12 West Penn Allegheny Health System(WPAHS) confirmed today that Standard & Poor's (S&P) has removed bonds issuedby Allegheny County Hospital Development Authority for West Penn AlleghenyHealth System from Credit Watch, where they were placed on July 30. S&P alsoaffirmed its "BB" rating on the bonds.
Christopher T. Olivia, M.D., President and Chief Executive Officer ofWPAHS, said, "Coupled with the recent action by Moody's to remove WPAHS fromits 'Watch list,' this is another encouraging sign that our turnaround effortsare gaining traction in the marketplace. Most important is S&P's recognitionthat 'West Penn's new management team has demonstrated sufficient operational,philosophical, and financial changes which could lead to an improved financialposition.'"
SOURCE West Penn Allegheny Health System