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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: Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch Ratings.

Standard & Poor’s

On March 21, 2023, S&P Global Ratings affirmed its positive outlook and its 'A' ratings and underlying rating (SPUR) on various issuers' bonds issued for the University of Pittsburgh Medical Center (UPMC). The positive outlook and ‘A’ ratings reflect strategic benefits associated with UPMC's large and diversified provider network and growing insurance businesses that resulted in limited operating losses in fiscal 2022 despite significant industry headwinds, as well as UPMC’s large geographic footprint and leading market presence in many of the regions it serves. 


On March 22, 2023, Moody’s Investors Service affirmed an ‘A2 stable’ credit profile for the University of Pittsburgh Medical Center (UPMC), reflecting UPMC’s formidable market position and demonstrated ability to execute strategies through a centralized management model, which will allow the system to improve margins and reduce leverage over time. UPMC's alignment with the University of Pittsburgh, a diversified market position with a broad geographic footprint, premier clinical reputation, and substantial insurance services will continue to support its distinctly leading market capture.

Fitch Ratings

On March 21, 2023, Fitch Ratings affirmed UPMC’s revenue bond rating of ‘A’ and positive outlook, based on UPMC’s leading market share position in its core markets of western Pennsylvania and its significant level of revenues diversity. The ratings are further supported by UPMC’s large insurance division. Fitch views UPMC's revenue diversification and integrated delivery model, large aligned physician base, extensive health plan division and sizeable geographically distributed delivery network with a 40 hospital and extensive ambulatory network, as a material credit differentiator. The insurance plans are a source of revenue stability for the system while strongly supporting UPMC's health care presence in the state.

About UPMC

UPMC is a world-renowned, nonprofit health care provider and insurer committed to delivering exceptional, people-centered care and community services. Headquartered in Pittsburgh and affiliated with the University of Pittsburgh Schools of the Health Sciences, UPMC is shaping the future of health through clinical and technological innovation, research, and education. Dedicated to advancing the well-being of our diverse communities, we provide more than $1 billion every year in community benefits, more than any other health system in Pennsylvania. Our 95,000 employees — including more than 5,000 physicians — care for patients across 40 hospitals and 800 doctors’ offices and outpatient sites in Pennsylvania, New York, and Maryland, as well as overseas. UPMC Insurance Services covers 4.5 million members with a focus on providing the highest-quality care at the most affordable price. To learn more, visit