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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 May 3, 2019, S&P Global Ratings assigned its ‘A+’ long-term rating to Allegheny County Hospital Development Authority’s $845 million series 2019A bonds issued for the University of Pittsburgh Medical Center (UPMC). It also affirmed its ‘A+’ long-term rating and underlying rating (SPUR) on various revenue bonds issued for UPMC by multiple issuers and its ‘A+’ long-term rating on various series of taxable bonds issued by UPMC. The outlook is stable.

The rating reflects UPMC’s robust and growing business with increased diversity and geographic footprint at both its insurance plan and provider network as well as strategic benefits from operating an integrated delivery and financing system (IDFS). 


On May 3, 2019, Moody’s Investors Service assigned an A1 to University of Pittsburgh Medical Center’s (UPMC), PA proposed Revenue Bonds, Series 2019A (approximately $800 million) to be issued through the Allegheny County Hospital Development Authority, PA. The series 2019A are expected to be fixed rate obligations, maturing in 2039. The rating outlook remains negative. Moody’s simultaneously affirmed the A1 on UPMC’s outstanding bonds as well as on the bonds of Pinnacle Health System (PHS).

The affirmation and assignment of the A1 reflects expectations that UPMC will continue to benefit from its sizeable, mostly contiguous, service areas covering much of western and central Pennsylvania; notable scale with a consolidated revenue base of nearly $19 billion; leading market share in the majority of the markets it serves; and an integrated care delivery and financing platform which includes significant inpatient and outpatient services, employed physicians, and a sizeable health plan. 

Fitch Ratings

On May 3, 2019, Fitch assigned an ‘A+’ rating to the $845 million Allegheny County Hospital Development Authority fixed-rate revenue bonds series 2019A. Fitch also assigned an ‘A+’ Issuer Default Rating and downgraded the revenue bond rating to ‘A+’ from ‘AA-‘ on UPMC’s outstanding parity debt.  The rating outlook is stable. 

The rating downgrade to ‘A+’ from ‘AA-‘  is primarily based on UPMC’s lower liquidity position, which has historically lagged the ‘AA-‘ category and does not compare favorably to the system’s higher leverage position.