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St. Clair Health AA-Bond Ratings Affirmed by S&P Global and Fitch Ratings

PITTSBURGH, Pa. (April 19, 2021) – Despite headwinds caused by the pandemic, St. Clair Health’s AA- bond ratings were recently affirmed by S&P Global Ratings and Fitch Ratings. The bonds carry a stable outlook, according to both rating agencies.

In its April 9 news release, S&P said St. Clair’s AA- rating “reflects our view of St. Clair’s stable market share with a niche position as one of the largest independent providers in the greater Pittsburgh region with excellent quality metrics, successful physician recruitment and a focused strategy of continuing to build market share with outpatient growth and remain the low cost and high quality provider for its service area.”

In its April 19 news release, Fitch Ratings said: “The affirmation of the AA- 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 … Further revenue growth is expected, supported by continued service line expansion and the new (Dunlap Family) outpatient center that is opening in May.”

St. Clair’s total operating revenue for the most recent year ended June 30, 2020 was $357 million. St. Clair’s total long-term debt at December 31, 2021 equals $115 million, is largely fixed rate, and includes Mount Lebanon Hospital Authority, Pa.'s series 2012 and series 2018 revenue bonds, issued for St. Clair.

St. Clair Health is the parent organization of St. Clair Hospital; St. Clair Medical Group — a multispecialty group of primary and specialty care physicians; and St. Clair Health Foundation. St. Clair is a nationally recognized, integrated health system with more than 2,500 employees and 600 physicians serving 500,000 residents of the region. In 2016, it became a member of Mayo Clinic Care Network. As the region’s largest independent health system, St. Clair participates with all major insurers.



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