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Bond Ratings and Disclosures

UPMC’s close attention to quality and costs has yielded tangible returns in the financial markets, as reflected in its credit ratings from all three major rating agencies: Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s (S&P).

Standard & Poor’s

On September 15, 2017, S&P Global Ratings affirmed its “A+” long-term credit rating and maintained its Stable outlook for UPMC. 

The rating reflects UPMC's extremely strong enterprise profile, growing diversity–-especially with the recent acquisition of Pinnacle, balance sheet stability, and potential for significantly increased synergies and business growth between UPMC's insurance and provider networks due to recent and planned expansion on both sides of the business.

Fitch Ratings

On September 18, 2017, UPMC received an affirmation of its "AA-" long-term credit rating from Fitch Ratings. The rating outlook remains Stable.

The key rating drivers are UPMC’s integrated delivery model with an aligned physician base, large health plan, and extensive delivery network; its successful strategy in a stabilizing competitive landscape, and its leading market share in western Pennsylvania.


On September 6, 2017, Moody’s investors Service revised its “Aa3” long-term rating on UPMC’s bonds to A1. The rating outlooks remains Negative. The A1 incorporates UPMC's accelerated expansion and execution risk following the September 1, 2017 affiliation with Pinnacle Health System in Harrisburg, PA.

The A1 rating acknowledges UPMC’s strong position as a sizeable integrated healthcare delivery system with distinctly leading and growing market share in western Pennsylvania, and the system’s demonstrated core competency in acute care facility management and integration of various hospital acquisitions.

Most Recent Bond Rating Letters

UPMC Quarterly Disclosure
For the period ended
March 31, 2018 (PDF)

Calendar Year 2018 Q1 financial results press release and support slides (PDF).

Audited Consolidated Financial Statements six months ended December 31, 2017 with report of independent registered public accounting firm.


Digital Assurance Certification LLC

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