A court hearing on a dispute between Highmark Inc. and West Penn Allegheny Health System Inc. over their failed $475 million merger agreement will continue Thursday in Pittsburgh.

West Penn, with $737 million of bond debt, is one of the biggest junk issuers in the municipal marketplace. The major bond rating agencies have it under review and Fitch Ratings last week lowered West Penn three levels, to CCC from B-plus.

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