A spokesman for West Penn told the Pittsburgh Business Times the health system is trying to reduce costs, and ending its contract with Fitch is part of the larger effort. Moody’s Investors Service and Standard & Poor’s Ratings Services still rate West Penn’s credit profile.
In January, Fitch downgraded West Penn’s rating to “C” from “CCC” as the health system was working to finalize an affiliation deal with health insurer Highmark. S&P and Moody’s have also downgraded West Penn’s rating. Highmark and West Penn received state approval for their transaction in April.
More Articles on Hospital Credit Ratings:
8 Hospitals Receive Credit Downgrades in Past Month
Moody’s: Health Insurance Exchange Uncertainties Hurt Nonprofit Hospitals
Massive Stark Law Penalties Lead to Credit Downgrade for Tuomey
