NEW YORK --Standard & Poor's Ratings Services assigned its 'AA-' standard long-term rating to Allegheny County Hospital Development, Pa.'s $500 million series 2008A revenue bonds, issued for the University of Pittsburgh Medical Center (UPMC). At the same time, Standard & Poor's affirmed its 'AA-' standard long-term rating and underlying rating (SPUR) on the various bonds, issued for UPMC, and affirmed its dual ratings of 'AA-/A-1+' on various UPMC bonds.
"The rating is based on UPMC's solid financial profile, highlighted by historically solid operating performance and debt service coverage, as well as its improved balance
sheet through fiscal 2007, highlighted by sustained improvements in liquidity, moderate leverage and recent increases in net property, plant, and equipment," said Standard & Poor's credit analyst Martin Arrick. "UPMC's business and market share within its large Western Pennsylvania service area continues to grow and is supported by ongoing capital investments, a strong reputation, brand-name recognition, several highly visible subsidiary facilities, and comprehensive service offerings."
Proceeds of the series 2008A bonds are being used to help redeem various series of outstanding auction rate bonds.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Credit Ratings Search.
Media Contact:
Christopher Mortell , New York, (1) 212-438-3446
christopher_mortell@standardandpoors.com
Analyst Contacts:
Martin D Arrick, New York (1) 212-438-7963
Liz Sweeney, New York (1) 212-438-2102
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