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Business news in brief

In the Region

Bond downgrade at PCA

Moody's Investors Service downgraded Philadelphia Corp. for the Aging's $17.7 million in bond debt to Baa2 from Baa1 and revised the outlook to negative, citing the nonprofit's "deterioration of extremely thin cash flow" in the fiscal year ended June 30, after the Corbett administration changed the way some of PCA's core services are reimbursed. Moody's said that one of PCA's strengths was its ability to trim expenses, as it did by 5 percent in 2013. PCA, which administers services for the elderly, gets 90 percent of its revenue from state and federal governments. - Harold Brubaker

Jeff plans outpatient facility

Jefferson plans to open a new outpatient facility on Walnut Street next to Washington Square in the former Chops Restaurant. David McQuaid, president of Thomas Jefferson University Hospital, signed the lease for the building last fall and Jefferson signs are up, but no details were available on when the facility will open or how big it will be, a Jefferson spokeswoman said. The facility is a block from Penn's 153,000-square-foot Penn Medicine Washington Square, which opened last year. - Harold Brubaker

Utility exports technology

American Water Works Co., Voorhees, has licensed its money-saving NPXpress wastewater-treatment technology to Abengoa, a $10.2 billion Spanish sustainable-technology company. NPXpress helps wastewater utilities to reduce costs while improving the removal of nitrogen and phosphorus. Abengoa says it plans to incorporate the technology into its next generation of water treatment systems. - Andrew Maykuth

Bryn Mawr Trust names CEO

Bryn Mawr Bank Corp., parent of Bryn Mawr Trust Co., said it named Francis J. Leto as president and chief operating officer, and will make him CEO when current chairman and chief executive Ted Peters retires at the end of 2014. Leto has been the company's chief counsel and manager of the bank's wealth management division. The bank said it will establish a nonexecutive chairman position effective with Peters' retirement. - Reid Kanaley


Consumer confidence jumps

U.S. consumer confidence surged in April, approaching the highest level since the recession began in 2007, as Americans reported greater optimism about their financial situation and the economy. The University of Michigan said its index of consumer sentiment rose to 84.1 in April from 80 in March. - AP