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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).


On September 15, 2016, Moody’s Investors Service affirmed its “Aa3” long-term rating on UPMC’s bonds. The rating outlook remains Negative.

The “Aa3” rating reflects several key credit strengths, including UPMC's size and strong market position, its highly regarded academic medical center with international draw, effective management of debt risks, and financial performance at the clinical enterprise.

Fitch Ratings

On September 14, 2016, 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 dominant market share in western Pennsylvania.

Standard & Poor’s

On September 12, 2016, S&P Global Ratings revised its outlook to Stable from Negative and affirmed its “A+” long-term credit rating for UPMC.

The rating reflects S & P’s view of UPMC’s market share dominance and strong revenue diversity in western Pennsylvania, including a health insurance business line; its extremely strong enterprise profile and stable balance sheet; and its position as the major teaching hospital for the schools of the health sciences at the “AA+” rated University of Pittsburgh.​

Most Recent Bond Rating Letters

UPMC Quarterly Disclosure
For the period ended
March 31, 2017 (PDF)

UPMC FY2017 Q3 financial results press release and support slides (PDF).

Audited Consolidated Financial Statements Years ended June 30, 2016 and 2015 with report of independent registered public accounting firm.


Digital Assurance Certification LLC

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