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Standard & Poor's Removes West Penn Allegheny Health System Bonds From Credit Watch

S&P Also Affirms WPAHS Bond Rating

PITTSBURGH, Nov. 12 /PRNewswire/ -- West Penn Allegheny Health System (WPAHS) confirmed today that Standard & Poor's (S&P) has removed bonds issued by Allegheny County Hospital Development Authority for West Penn Allegheny Health System from Credit Watch, where they were placed on July 30. S&P also affirmed its "BB" rating on the bonds.

Christopher T. Olivia, M.D., President and Chief Executive Officer of WPAHS, said, "Coupled with the recent action by Moody's to remove WPAHS from its 'Watch list,' this is another encouraging sign that our turnaround efforts are gaining traction in the marketplace. Most important is S&P's recognition that 'West Penn's new management team has demonstrated sufficient operational, philosophical, and financial changes which could lead to an improved financial position.'"

SOURCE West Penn Allegheny Health System
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