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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 19, 2020, S&P Global Ratings changed its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on various issuers' bonds issued for the University of Pittsburgh Medical Center (UPMC), Pa.

The ‘A’ rating reflects S&P Global Ratings’ assessment of UPMC’s large geographic footprint and leading market presence in many of the regions served; extremely low average age of plant from robust capital spending, which is expected to continue; increasingly diverse and rapid growth from both the health plan and provider network, with volume increases likely from its new Highmark contract; continued opportunities for growth-related system synergies and cost improvements; extremely well-funded defined-benefit pension plan; and benefits of operating an integrated delivery and financing system.


On March 27, 2020, Moody’s Investors Service assigned an A2 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 has been revised to stable from negative. The A2 reflects UPMC's plans to materially increase financial leverage at a time of thinning margins and balance sheet stress. The A2 assumes UPMC will remain a key tertiary provider with notable scale in western Pennsylvania and will also continue to benefit from its integrated care delivery and financing platform. 

Fitch Ratings

On March 24, 2020, Fitch Ratings changed UPMC's revenue bond ratings to 'A' from 'A+'. The Rating Outlook is Stable. The rating is based on UPMC's plan to increase its long-term debt by $1.2 billion and various financings to help address any additional working capital needs during the current coronavirus outbreak.

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