Pennsylvania

Moody's Investors Service upgraded the bond rating of West Penn Allegheny Health System to Caa2 from Ca after Highmark closed on its $604 million takeover.

Highmark wasted no time taking over West Penn Allegheny Health System after regulators approved a $604 million deal that ended 18 months of turmoil and offered bondholders 87.5 cents on the dollar.

Fittingly, given dire warnings about unfunded pension liability, Allentown, Pa.'s City Council voted at the midnight hour for a $220 million water-and-sewer lease.

A recently completed comprehensive reassessment of real estate is good news for the Philadelphia's debt ratios, according to the city's treasurer.

Philadelphia plans to sell $1.05 billion of bonds in the next nine months, city treasurer Nancy Winkler said.

The Allentown, Pa., City Council late Thursday night approved a $220 million water-and-sewer lease deal with the Lehigh County Authority, with proceeds to erase unfunded pension liability.

Philadelphia has hired JPMorgan and Loop Capital Markets to sell its gas utility, in a deal the city expects to fetch more than $1.3 billion.

The Lehigh County Authority said it would finance $220 million for the Allentown, Pa., water-and-sewer concession through low interest, 30-year bonds.

The Pennsylvania State System of Higher Education's board of governors approved up to $32 million in fixed-rate bonding for four capital projects.

Mayor Ed Pawlowski told the Allentown, Pa., City Council that without a $220 million lease of its water and sewer system, "we'll be just another Pennsylvania city making ugly headlines."

Philadelphia city officials have excluded the media from their investor conference, triggering objections from news outlets including The Bond Buyer.

Some Pennsylvania Republican lawmakers propose using money from the expected privatization of the state's liquor stores to rebuild roads and bridges.

Moody's Investors Service has downgraded the underlying ratings on Pennsylvania Turnpike Commission senior lien revenue bonds to A1 from Aa3.

Gov. Tom Corbett has ordered a rebid of an IT contract and reviews of all vendors named in the Pennsylvania Turnpike Commission pay-to-play scandal.

The Lehigh County Authority, offering $220 million, is high bidder for a 50-year lease to run the Allentown, Pa., water system, topping several private firms.

Pennsylvania will sell $950 million in general obligation bonds on Wednesday morning.

Allentown, Pa., has extended the deadline to respond to its request for bids to privatize its water and sewer utility system under a 50-year lease to noon Friday.

Harrisburg, Pa., issued a request for proposals to privatize trash pickup, but Mayor Linda Thompson's derogatory remark turned the announcement into another theater of the absurd.

Altoona has received a $519,000 grant to support new technologies that will help the financially distressed city implement its financial recovery plan.

Pennsylvania Department of Environmental Protection Secretary Mike Krancer will leave to rejoin the Philadelphia office of Blank Rome LLP.