Fitch Ratings has assigned a rating of AA- on UPMC's Series 2008C revenue bonds of up to $350 million.

In addition, Fitch yesterday announced it was affirming the same AA- rating on UPMC's outstanding parity debt and the F1+ rating on the outstanding series 2005B bonds. It classified the outlook as "stable."

Proceeds from the 2008C bonds will be used for ongoing capital expenditures and refunding outstanding debt. In a release, Fitch officials said the AA- rating "is supported by UPMC's dominant market position in Western Pennsylvania," noting that it had a 55.4 percent market share in Allegheny County following the acquisition of Pittsburgh Mercy Hospital in January.