St. Clair Health’s ‘AA-’ Bond Ratings Affirmed by Fitch Ratings for a Seventh Year
PITTSBURGH, PA (April 18, 2022) – St. Clair Health announced today that Fitch Ratings affirmed its ‘AA-’ bond rating with a stable outlook for a seventh year. Only 12 percent of the U.S. hospital and health systems rated by the agency have a higher rating than St. Clair Health.
In its news release dated April 12, 2022, Fitch Ratings stated, “The affirmation of the ‘AA-’ IDR and revenue bond rating are driven by St. Clair’s very strong financial profile assessment, solid market position in the competitive greater Pittsburgh area healthcare market, and robust operating performance.” The agency further noted, “St. Clair’s high clinical quality and low-cost platform combine to make St. Clair a key provider… which has contributed to its leading market position.”
St. Clair is pleased with the ‘AA-’ bond rating affirmation given the many challenges facing the industry, as noted by Fitch Ratings in its 2022 Outlook: U.S. Not-For-Profit Hospitals and Health Systems. According to Eric Luttringer, Senior Vice President and Chief Financial Officer, St. Clair Health, “St. Clair maintains a strong commitment to being good stewards of organizational assets so that we can continue to invest in cutting-edge technology and persist in providing high-quality care at a great value to the community.”
St. Clair’s total operating revenue for the most recent fiscal year ending on June 30, 2021, was
$396.8 million. Its long-term debt was $115.0 million as of December 31, 2021, which includes series 2012 and series 2018 revenue bonds issued by the Mount Lebanon Hospital Authority.
About St. Clair Health
St. Clair Health is a nationally recognized, integrated health system with more than 2,500 employees and 600 physicians serving 500,000 residents of the region. It encompasses St. Clair Hospital; St. Clair Medical Group—a 135-physician multispecialty group; St. Clair Health Foundation; and other related entities. In 2016, St. Clair Health became a member of Mayo Clinic Care Network. As a leader in high value healthcare, it participates with all major insurers. For more information, visit: www.stclair.org.
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