Here are 10 health systems that have had their credit ratings upgraded by Fitch Ratings or Moody’s Investors Service in 2026:
Christ Hospital Health Network’s credit rating was upgraded to “A2” from “A3” by Moody’s. The Cincinnati-based system’s upgrade is driven by its expanding network and market presence in key service lines, Moody’s said.
Erlanger Health System’s credit rating was upgraded to “A” from “A-” by Fitch. The upgrade reflects the Chattanooga, Tenn.-based system’s sustained operating improvement, strong liquidity and a market share nearly twice that of its closest competitor, Fitch said.
Kettering (Ohio) Health’s credit rating was upgraded to “A1” from “A2” by Moody’s. The upgrade reflects the system’s continued strong liquidity and financial performance, which Moody’s said will support an expected increase in capital spending as well as upcoming federal Medicaid cuts.
Lee Health’s credit rating was upgraded to “A1” from “A2” by Moody’s. The upgrade reflects the Fort Myers, Fla.-based system’s successful conversion from a public entity to a private, nonprofit health system.
Sarasota (Fla.) Memorial Health Care System’s credit rating was upgraded to “Aa3” from “A1” by Moody’s. The upgrade was driven by the health system’s track record of excellent performance, which will support strong liquidity during a period of high capital spending, Moody’s said.
Tampa (Fla.) General Hospital’s credit rating was upgraded to “A3” from “Baa1” by Moody’s. The health system’s upgrade was driven by its continued diversification, market capture and profitability, Moody’s said.
Tenet Healthcare’s credit rating was upgraded to “BB” from “BB-” by Fitch. The rating reflects the Dallas-based for-profit system’s improved competitive position, including double-digit revenue growth in its high-margin ambulatory segment, Fitch said.
UCHealth’s credit rating was upgraded to “AA+” from “AA” by Fitch. The upgrade reflects the Aurora, Colo.-based health system’s very strong financial profile, benefiting from its market position in a growing service area and a long track record of robust operating margins. UCHealth’s rating also reflects its position as Colorado’s only academic medical center and its close relationship with Boulder-based University of Colorado.
University of North Carolina Health’s credit rating was upgraded to “Aa2” from “Aa3” by Moody’s. The upgrade reflects expectations that the Chapel Hill-based system will continue generating strong cash flow, allowing the system to fund capital needs without significant new debt and absorb near-term reimbursement pressure, Moody’s said.
Wellstar Health System’s credit rating was upgraded to “A1” from “A2” by Moody’s. The upgrade was driven by a continuation of the Marietta, Ga.-based system’s strong operating performance, Moody’s said.
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