Note: This is not an exhaustive list. Health systems were compiled from credit rating reports.
Banner Health has an “AA-” rating and stable outlook with Fitch. The rating highlights the strength of the Phoenix-based system’s core hospital delivery system and the diversification of its insurance division, Fitch said.
Baylor Scott & White Health has an “Aa2” rating and stable outlook with Moody’s. The Dallas-based system has consistently strong financial performance, driven by “deep and disciplined leadership” and favorable demographic characteristics, Moody’s said.
Berkshire Health System has an “AA-” rating and stable outlook with Fitch. The rating is primarily based on the Pittsfield, Mass.-based system’s strong financial profile given its solid liquidity and modest leverage, Fitch said.
Children’s Minnesota has an “AA” rating and stable outlook with Fitch. The Minneapolis-based system’s rating reflects Fitch’s expectation of a marginal operating improvement over the next two to three years as it begins an EHR conversion project while focusing on operating efficiencies and key service line growth.
Cone Health has an “AA-” rating and stable outlook with Fitch. The Greensboro, N.C.-based system was acquired by Kaiser Permanente’s Risant Health in December. Cone’s rating is equal to Oakland, Calif.-based Kaiser’s, whose rating is driven by its very strong financial profile, bolstered by a very large and diversified revenue base, Fitch said.
Cook Children’s Medical Center has an “Aa2” rating and stable outlook with Moody’s. The rating reflects the Fort Worth, Texas-based system’s excellent market position as Tarrant County’s only pediatric provider, which drives high demand and revenue growth, Moody’s said.
FirstHealth of the Carolinas has an “AA” rating and stable outlook with Fitch. The rating reflects the Pinehurst, N.C.-based system’s strong market presence and minimal competition, backed by steady operating metrics, Fitch said..
Franciscan Health has an “Aa3” rating and stable outlook with Moody’s. The rating reflects the Mishawaka, Ind.-based system’s geographic diversity, leading positions in key markets and strong liquidity, Moody’s said.
JPS Health Network has an “AA” rating and stable outlook with Fitch. The Fort Worth, Texas-based system’s rating reflects its significant taxing authority to compensate for a constrained payer mix, Fitch said.
Med Center Health has an “AA-” rating and stable outlook with Fitch. The Bowling Green, Ky.-based system’s rating is supported by solid operating performance in fiscal 2024 and through the first six months of fiscal 2025, Fitch said.
Orlando (Fla.) Health has an “AA-” rating and stable outlook with Fitch. The rating reflects the system’s very strong and consistent operating performance and a growing presence in demographically favorable markets, Fitch said.
Saint Francis Healthcare System has an “AA” rating and stable outlook with Fitch. The rating reflects the Cape Girardeau, Mo.-based system’s strong financial profile, which Fitch said is characterized by robust debt and liquidity metrics, and sound debt service coverage.
UChicago Medicine has an “AA-” rating and stable outlook with Fitch. The system has a broad and growing reach for high-acuity services throughout the Chicago metro area and into Northwest Indiana, Fitch said.
Willis-Knighton Health System has an “AA-” rating and positive outlook with Fitch. The Shreveport, La.-based system’s rating reflects improved operating performance over the past few years, which Fitch expects will continue in 2025 and beyond.
