S&P Global Ratings has assigned an "AA-" rating to Philadelphia-based University of Pennsylvania Health System's series 2016 bonds.
"The rating reflects our view that UPHS remains strongly profitable by national standards," said S&P analyst Charlene Butterfield. "Operating margins for the 11 months of fiscal 2016 ended May 31, 2016, remain very strong as ambulatory volumes continue to climb and patient acuity remains high."
The outlook is stable, reflecting UPHS' strong market position and broadening geographic draw.