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Moody's rates HCA notes Ba3
Moody's Investors Service said it assigned a Ba3 (LGD 3, 35%) rating to HCA Inc.'s proposed offering of $1 billion of senior secured notes due 2019 and $2 billion of senior secured notes due 2024.
Proceeds will be used to redeem about $2.75 billion of senior secured notes and pay related fees and expenses.
While this will result in a modest increase in outstanding debt, the refinancing will also benefit cash flow through considerable interest savings.
Therefore, Moody's said, there is no change to the existing ratings of the company, including the B1 corporate family rating and B1-PD probability of default rating maintained at HCA Holdings Inc., the parent holding company of HCA, Inc.
The outlook remains positive.
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