UPMC affirmed at 'A' rating as insurance business grows

Pittsburgh-based UPMC had various ratings affirmed at "A" as its developing insurance business helped offset general industry pressures, S&P Global said March 20.

The ratings apply to a series of bonds worth in excess of $1 billion and the outlook is positive. The 40-hospital system also benefits from a varied risk profile, the ratings agency said.

"The rating affirmation reflects strategic benefits associated with UPMC's large and diversified provider network and growing insurance businesses that resulted in limited operating losses in fiscal 2022 despite significant industry headwinds, particularly related to labor, supplies, capacity and throughput," credit analyst Cynthia Keller said in the research note.

UPMC reported an operating gain of $162 million in fiscal 2022 compared with $843 million in 2021.

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