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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 17, 2021, S&P Global Ratings affirmed its long-term rating and underlying rating (SPUR) of 'A' on various issuers' bonds issued for the University of Pittsburgh Medical Center (UPMC), Pa. The outlook on all ratings is stable.

The ‘A’ rating reflects S&P Global Ratings’ assessment of UPMC’s very strong business position, including strategic benefits associated with its integrated delivery and financing system (IDFS), expanding geographic coverage of Pennsylvania and into Maryland and western New York, and healthy financial performance during the pandemic.

Moody's

On March 17, 2021, 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 of the ‘A2’ reflects Moody's expectation that UPMC's strong, diversified market position with a broad geographic footprint, excellent reputation, substantial facilities investments, and growth of health insurance membership will support ongoing recovery from pandemic related disruptions. In addition, upcoming investments in various service lines and growing clinical capabilities in the broader region will provide opportunities for market share gains.,

Fitch Ratings

On March 17, 2021, Fitch Ratings affirmed UPMC's revenue bond rating of 'A'. The outlook remains stable. After significantly increasing its debt in early 2020, UPMC was able to easily repay the short-term working capital financings by year-end that it had incurred to respond to any pandemic-related uncertainty. UPMC has demonstrated considerable growth in recent years, pursuing strategic investments to position the organization as an essential, innovative provider on both the clinical and health plan side. The growth in 2020 solidly supports the 'A' rating, even with the higher debt position.

About UPMC

A $23 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, 700 doctors’ offices and outpatient sites, and a 4 million-member Insurance Services Division, the largest medical insurer in western Pennsylvania. In the most recent fiscal year, UPMC contributed $1.4 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 $800 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 & World Report 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 America’s Best Children’s Hospitals. For more information, go to UPMC.com.