Press Release

S&P and Moody’s Release UC Health Credit Ratings

Mar. 18, 2020

CINCINNATI - This week, Standard & Poor’s (S&P) Ratings Services and Moody’s Investors Service released credit ratings for UC Health.

S&P Rating Services

Standard & Poor’s (S&P) Ratings Services has once again rated UC Health with an “A” credit rating.

It did, however, revise its outlook from stable to negative.

The “A” credit rating reflects UC Health’s strong enterprise profile, highlighted by stable market share and a growing case mix index score reflecting our higher level of clinical complexity as the region’s only academic health system. Inpatient volumes were once again strong in fiscal 2019, in part because of the opening of the new UC Gardner Neuroscience Institute, which was completed on time and on budget.

The negative outlook stems from liquidity levels and leverage with the new borrowing, and operating performance, currently in line with a lower credit rating.

Moody’s Investors Service

As we anticipated, Moody’s has announced that UC Health’s credit rating has been downgraded to an A3 credit rating with a stable outlook.

This rating assignment reflects Moody’s expectations that our operating cash flow margins may not return to levels realized in recent years.

However, there are a number of positive drivers that Moody’s noted: we are likely to improve our operating cash flow margins and the planned facility projects are likely to maintain our strong market position. In addition, liquidity is expected to grow quickly after the period of investment.


Overall, the outcomes from both rating agencies are consistent with what we had expected and are positive given the importance and magnitude of the investments UC Health is making to revitalize our Clifton Campus and usher in a new day for healthcare in Cincinnati.

Media Contact

Amanda Nageleisen

Director of Media Relations