S&P affirms Ardent Health

Standard & Poor's said it affirmed the B corporate credit rating and all existing issue-level ratings on Ardent Health Services LLC, including the term loan B, which is increasing in size with a $200 million add-on.

The speculative-grade ratings reflect a view that Ardent has a weak business risk profile, characterized by a relatively undiversified portfolio of hospitals and significant concentration of profit in one market, the agency said.

The company does business in only two key markets, Albuquerque, N.M., and Tulsa, Okla., the agency said, but its Albuquerque market is responsible for a large majority of its earnings.

The ratings also consider the competitive nature of these markets and the company's vulnerability to local economic circumstances, S&P said.

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