Here are 33 health systems that have had their credit ratings upgraded by Fitch Ratings or Moody’s Investors Service in 2025:
Advocate Health’s member organizations Advocate Aurora Health and Atrium Health were upgraded to “Aa2” from “Aa3,” and Atrium Health Wake Forest Baptist’s rating was upgraded to “Aa3” from “A1″ by Moody’s. The upgrades reflect the strengthened financial profile of the Charlotte, N.C.-based system and its successful expansion strategies, which have augmented its member organizations, Moody’s said.
Baptist Health South Florida’s rating was upgraded to “Aa3” from “A1” by Moody’s. The upgrade highlights the Coral Gables-based system’s measurable operational strengthening and rising cash reserves, Moody’s said.
Baylor Scott & White Health’s rating was upgraded to “Aa2” from “Aa3” by Moody’s. The upgrade reflects the Dallas-based system’s consistently strong financial performance, driven by “deep and disciplined leadership” and favorable demographic characteristics, Moody’s said.
Bon Secours Mercy Health’s rating was upgraded to “A1” from “A2” by Moody’s. The upgrade reflects the Cincinnati-based system’s durable improvement in operations and liquidity, and further growth opportunities in both core and non-acute care business lines, Moody’s said.
Broward Health’s rating was upgraded to “A3” from “Baa1” by Moody’s. The upgrade reflects the Fort Lauderdale, Fla.-based system’s sustained trend of strong operations, substantial liquidity growth and a notable decrease in the average age of plant, Moody’s said.
Care New England’s rating was upgraded to “BB” from “BB-” by Fitch. The upgrade reflects the Providence, R.I.-based health system’s operational and cash flow improvements, which Fitch said are primarily driven by a set of turnaround initiatives implemented in fiscal 2023.
Catholic Health’s rating was upgraded to “B2” from “B3.” The upgrade reflects the continuation of the Buffalo, N.Y.-based system’s improving operating performance and liquidity, driven by good revenue growth and the receipt of sizable FEMA grants, Moody’s said. Catholic Health has a positive outlook at its new rating.
Children’s Healthcare of Atlanta’s rating was upgraded to “Aa1” from “Aa2” by Moody’s. The upgrade reflects the completion of the North Druid Hills campus, which will alleviate capacity constraints and allow for future growth, Moody’s said.
Children’s Hospital Colorado’s rating was upgraded to “Aa3” from “A1” by Moody’s. The Aurora-based system’s upgrade was driven by its operational improvements, strong liquidity and continued improvement of leverage metrics, Moody’s said.
Doylestown (Pa.) Health’s rating was upgraded to “Aa3” from “A3” by Moody’s. The upgrade reflects the fact that all of Doylestown’s obligations are now on par with Philadelphia, Pa.-based Penn Medicine’s other debt. Penn Medicine acquired Doylestown on April 1.
Eisenhower Medical Center’s rating was upgraded to “BBB” from “BBB-” by Fitch. The upgrade reflects the Rancho Mirage, Calif.-based system’s positive financial performance in fiscal 2024, leading to an improved EBITDA operating margin and further strengthening its liquidity position.
Elliot Hospital’s rating was upgraded to “A2” from “A3” by Moody’s. The upgrade reflects the Manchester, N.H.-based system’s increasing patient demand and volume growth, which is translating into strong market positioning, financial performance and liquidity, Moody’s said.
FMOL Health’s rating was upgraded to “A1” from “A2” by Moody’s. The Baton Rouge, La.-based system’s upgrade is supported by its durable cash flow and liquidity profile, Moody’s said.
Genesis Healthcare System’s rating was upgraded to “Baa1” from “Baa2” by Moody’s. The Zanesville, Ohio-based system’s broad footprint has benefited from its retail pharmacy strategy and an outpatient medical center opened in 2023, Moody’s said.
Hurley Medical Center’s rating was upgraded to “Baa3” from “Ba1″ by Moody’s. The upgrade is driven by the Flint, Mich.-based system’s strengthened financial profile, including a fundamentally strong payer mix and continued volume improvement, Moody’s said.
Loma Linda (Calif.) University Health’s rating was upgraded to “BBB-” from “BB+” by Fitch. The upgrade reflects the system’s improved financial profile and Fitch’s expectations that its balance sheet metrics will continue to strengthen.
Marshfield (Wis.) Clinic Health System’s rating was upgraded to “A-” from “BBB” by Fitch. The upgrade reflects the system’s Jan. 1 merger with Sioux Falls, S.D.-based Sanford Health and Fitch’s expectation that the systems’ obligated groups will combine within a reasonable time frame.
Mosaic Health System’s rating was upgraded to “AA” from “AA-” by Fitch. The upgrade reflects the St. Joseph, Mo.-based system’s strong financial and operating risk profiles, Fitch said.
Mount Sinai Medical Center’s rating was upgraded to “A2” from “A3” by Moody’s. The upgrade is driven by the Miami Beach, Fla.-based system’s continued strong financial performance, bolstered by increasing patient demand and market capture, Moody’s said.
Northeast Georgia Health System’s rating was upgraded to “A+” from “A” by Fitch. The upgrade reflects the Gainesville, Ga.-based system’s very strong and consistent operating profitability over the past several years as it managed the completion of a new tower expansion project.
OU Health’s rating was upgraded to “Ba1” from “Ba2” by Moody’s. The Oklahoma City-based system’s upgrade is based on better-than-expected operating performance and liquidity, which Moody’s expects to continue as a result of growth initiatives and strong state support.
Owensboro (Ky.) Health’s rating was upgraded to “BBB” from “BBB-” by Fitch. The upgrade reflects the system’s steady operating execution, a healthier balance sheet and strong local market position, Fitch said.
Piedmont Healthcare’s rating was upgraded to “Aa3” from “A1” by Moody’s. The upgrade reflects the Atlanta-based system’s successful execution of strategic and operational initiatives, Moody’s said.
Prime Healthcare’s rating was upgraded to “A-” from “BBB+” by Fitch. The upgrade is based on the Ontario, Calif.-based system’s continued improvement in operating results in 2024 and “very strong unrestricted balance sheet resources compared to its debt position,” Fitch said.
Prisma Health’s rating was upgraded to “A” from “A-” by Fitch. The upgrade reflects the Greenville, S.C.-based system’s two-year operating performance improvement and its sound balance sheet. Prisma’s rating was also upgraded to “A2” from “A3” by Moody’s.
ProMedica Health System’s rating was upgraded to “Baa3” from “Ba1″ by Moody’s. The Toledo, Ohio-based system’s upgrade reflects material and durable improvement in financial performance and liquidity, supported by greater management discipline and credibility and the completion of corporate restructuring with the divestiture of assisted living facilities this year, Moody’s said.
Stanford Health Care’s rating was upgraded to “Aa2” from “Aa3” by Moody’s. The upgrade reflects the Palo Alto, Calif.-based system’s consistently strong financial performance, which will allow it to finance growth strategies while maintaining good liquidity and manageable leverage, Moody’s said.
Sutter Health’s rating was upgraded to “AA-” from “A+” by Fitch. The upgrade is supported by the Sacramento, Calif.-based system’s consistently strong growth, which has resulted in an expanded and strengthened care delivery network with solid market positions across all markets, Fitch said.
Tenet Healthcare’s rating was upgraded to “BB-” from “B+” by Fitch. The upgrade reflects the Dallas-based for-profit system’s improving competitive position, with its ambulatory care segment “durably delivering robust EBITDA growth” and recent divestitures funding significant debt reduction and enhancing liquidity, Fitch said.
University Hospital’s rating was upgraded to “BBB+” from “BB-” by Fitch. The Newark, N.J.-based system’s multi-notch upgrade is based on Fitch’s revised “Government-Related Entities” criteria. Fitch said it believes that, if needed, New Jersey would be “very likely” to provide extraordinary support to the University Hospital given its status as the only public academic medical center and teaching hospital in the state.
Valley Health System’s rating was upgraded to “AA-” from “A-” by Fitch. The upgrade reflects the Paramus, N.J.-based system’s reduced credit risk after successfully transitioning to its new hospital in April 2024, Fitch said. The system also has a strong payer mix, including lower levels of Medicaid compared with peers, and its operating profile positions it well to manage the upcoming financial effects of the recently passed One Big Beautiful Bill Act.
Virtua Health’s rating was upgraded to “AA” from “AA-” by Fitch. The upgrade reflects the Marlton, N.J.-based system’s reduced credit risk with several years of strong and stable operating performance following its successful integration of Camden, N.J.-based Lourdes Health, Fitch said.
Woman’s Hospital’s rating was upgraded to “A1” from “A2” by Moody’s. The upgrade was driven by the Baton Rouge, La.-based organization’s strong operating performance, excellent liquidity and improved leverage metrics, Moody’s said.
