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Fitch: HCA Holdings notes B-
Fitch Ratings said it assigned a B-/RR6 to HCA Holdings Inc.'s $1 billion proposed senior unsecured notes.
The outlook is stable and the ratings apply to $27 billion of debt outstanding at Sept 30.
The agency said the ratings reflect good headroom in credit metrics at the B+ rating category, improved financial flexibility following the extension of the bulk of its 2013 debt maturity wall and refinancing of high coupon second lien secured debt at lower rates and continued solid discretionary free cash flow of about $1.4 billion annually in 2012 to 2013.
While strong cash generation could support debt pay down, Fitch said it does not believe that there is compelling financial incentive for the company to apply cash to debt reduction.
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