Moody's Investors Service has assigned an "Aa3" rating to Philadelphia-based University of Pennsylvania Health System's proposed series 2016A and 2016B fixed rate bonds, affecting up to $535 million.
The rating assignment is based on a number of factors, including UPHS' strong liquidity, prominent clinical reputation and growing patient demand.
The outlook is stable, reflecting Moody's Investors Service's expectation that UPHS will maintain the liquidity and average margins it has reported over the past several years.