Moody's assigns rating to University of Pennsylvania Health System's bonds

Moody's Investors Service has assigned an "Aa3" rating to Philadelphia-based University of Pennsylvania Health System's proposed $367 million of series 2015 fixed rate bonds.

The system's strengths, including its prominent clinical reputation and strong investment position, were considered for the rating assignment.

UPHS also faces some challenges, which were considered for the assignment, such as dependency on a few concentrated payers.

The system's outlook is stable, which reflects Moody's expectation that it "will maintain liquidity and average margins reported over the last several years, and manage capital spending with cash flow and a moderate amount of new debt."

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