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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 March 24, 2022, S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A' ratings and underlying rating (SPUR) on various issuers' bonds issued for the University of Pittsburgh Medical Center (UPMC). The positive outlook reflects UPMC's ability to leverage the strengths of its integrated delivery and financing system to successfully navigate through the pandemic including posting positive results in both fiscal years 2020 and 2021.


On March 28, 2022, Moody’s Investors Service affirmed an ‘A2’ rating to University of Pittsburgh Medical Center (UPMC) and bonds of Pinnacle Health System (PHS), which are parity obligations under UPMC’s indenture. The outlook for both remains stable. Affirmation and assignment of the A2 reflect Moody's expectation that UPMC will at least sustain the operating cash flow margin generated in fiscal year 2021 into fiscal year 2022 despite industry-wide labor shortages and high capital spend, with momentum supported by financial discipline, anticipated growth of health plan membership and strong clinical demand. Also, UPMC will continue to benefit from its long-established strengths including alignment with the University of Pittsburgh, a diversified market position with a broad geographic footprint, premier clinical reputation, and substantial insurance services.

Fitch Ratings

On March 25, 2022, Fitch Ratings affirmed UPMC’s revenue bond rating of ‘A’. The Rating Outlook is revised to Positive from Stable. UPMC's 'A' ratings and the revision of the Outlook to Positive are based on its leading market share position in its core markets of Allegheny County and Western Pennsylvania and solid presence in the larger service area that now encompasses Maryland and New York, materially improved capital related metrics due to positive liquidity growth over the last two years and the presence of a mature and profitable health plan, all of which support the improvement in UPMC's financial profile.

About UPMC

A $24 billion health care provider and insurer, Pittsburgh-based UPMC is inventing new models of patient-centered, cost-effective, accountable care. The largest nongovernmental employer in Pennsylvania, UPMC integrates more than 92,000 employees, 40 hospitals, 800 doctors’ offices and outpatient sites, and a more than 4 million-member Insurance Services Division, the largest medical insurer in western Pennsylvania. In the most recent fiscal year, UPMC contributed $1.5 billion in benefits to its communities, including more care to the region’s most vulnerable citizens than any other health care institution, and paid more than $900 million in federal, state and local taxes. Working in close collaboration with the University of Pittsburgh Schools of the Health Sciences, UPMC shares its clinical, managerial and technological skills worldwide through its innovation and commercialization arm, UPMC Enterprises, and through UPMC International. U.S. News consistently ranks UPMC Presbyterian Shadyside among the nation’s best hospitals in many specialties and ranks UPMC Children’s Hospital of Pittsburgh on its Honor Roll of Best Children’s Hospitals. For more information, go to