Fitch raises financial outlook for West Penn Allegheny
Fitch Ratings on Thursday raised its outlook on West Penn Allegheny Health System's credit to “stable,” up from “evolving.”
The move comes about a week after another credit rating agency, Moody's Investors Service, reaffirmed its negative outlook on the ailing health system.
Fitch said its view on West Penn Allegheny improved because the system's losses are narrowing and the planned acquisition by health insurer Highmark Inc. is moving toward approval by the state Insurance Department.
Highmark has given the five-hospital network $200 million of the $475 million it committed to the deal, which has helped the system bring in new patients and improve its balance sheet, Fitch said.
In its report last week, Moody's said it didn't expect the $475 million to be enough to bail out West Penn Allegheny.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Steelers claim former Cowboys cornerback Webb
- Secret judicial ruling blocks release of sexually explicit emails
- Healthy PA expands number of recipients but cuts benefits
- Dairy Queen victim of malware attack
- Franklin Regional security guard fighting to get job back
- Next hurdle for health care likely tax season
- Valley edges emotional Burrell team on OT field goal
- Google tests Project Wing drone delivery
- Harrison shines again as Pirates clip Reds, 2-1
- Veteran Keisel settles into role with Steelers
- Fayette DA’s office will remain on death penalty case