Bonds issued by Allegheny downgraded

Article Abstract:

Allegheny Health, Education and Research Foundation's two bond groups have been downgraded by Moody's Investor Services, which said the health system may not be able to afford to pay the interest and principal of its $160-million debt. The owner of nine hospitals in the Philadelphia, PA-area, will not immediately be affected by the downgrade but will limit the system's options as it faces its financial downturn according to industry observers. Allegheny officials were not surprised by Moody's announcement after the latter has placed Allegheny on credit watch. Meanwhile, Allegheny is currently administering cost cutting moves.

Comment:

Its two bond groups have been downgraded by Moody's Investor Service

Hospitals, Financial analysis, Article, Allegheny Health, Education and Research Foundation

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Allegheny chief ordered fund switch

Article Abstract:

According to a US Bankruptcy Court memo in Pittsburgh, former chief executive of the Allegheny health system, Sherif S. Abdelhak, ordered the chief financial officer to use restricted funds to repay a loan of $89 million to Mellon Bank. Mr. Abdelhak ordered the shift in funds as Allegheny was near bankruptcy. The memo is the first documentary proof that Mr. Abdelhak was connected to the shift of restricted funds.

Comment:

Ex-CEO Sherif S. Abdelhak ordered shift of restricted funds to repay a loan of $89 million to Mellon Bank

Legal issues & crime, Health Care, Health Care and Social Assistance, Medical care, Abstract, Allegheny Health Systems

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