Moody's Investors Service has lowered the bond rating of the Pittsburgh-based West Penn Allegheny Health System even further into junk bond status because the hospital network may file for bankruptcy protection, the Associated Press reported yesterday. Highmark Inc. has proposed a $475 million takeover, but wants West Penn to file chapter 11 as part of that process in hopes of trimming the network's debt. West Penn has $750 million in bond debt and $280 million in unfunded pension liabilities.
