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

Fitch Ratings

On March 19, 2024, Fitch Ratings affirmed UPMC’s revenue bond rating of 'A' and revised the outlook from positive to stable. The affirmation of the 'A' rating is based on UPMC's leading market share position in its core markets of western Pennsylvania and UPMC's significant level of revenue diversity across several markets in Pennsylvania, western New York and northwestern Maryland.  The rating is further supported by UPMC’s large insurance division. 

Standard & Poor’s

On March 27, 2024, S&P Global Ratings revised its outlook to stable from positive and affirmed its 'A' long-term rating and underlying rating (SPUR) on debt issued by various authorities for UPMC and on UPMC's taxable debt. The outlook revision reflects weaker-than-anticipated operating performance in fiscal 2023. The rating affirmation reflects strategic benefits associated with UPMC's large and diversified provider network and insurance businesses that, together with its employed physicians, operate as an integrated delivery and financing system (IDFS).


On May 3, 2024, Moody's Ratings (Moody's) has affirmed UPMC's ‘A2’ revenue bond rating and stable outlook. The affirmation of the ‘A2’ reflects anticipated improvement in operating cash flow margins in fiscal 2024 and thereafter, following two years of weakening to breakeven levels. It also reflects a number of fundamental strengths, including UPMC’s large absolute size ($27.7 billion annual revenue), alignment with the University of Pittsburgh, formidable market share across a broad geography, and cash flow diversity with a comprehensive array of clinical and insurance services.

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 100,000 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 more than 4 million members with a focus on providing the highest-quality care at the most affordable price. To learn more, visit